Skylands Capital LLC Trims Holdings in Owens Corning (NYSE:OC)

Skylands Capital LLC lessened its position in Owens Corning (NYSE:OC) by 9.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 101,290 shares of the construction company’s stock after selling 9,960 shares during the period. Owens Corning makes up about 2.2% of Skylands Capital LLC’s investment portfolio, making the stock its 9th biggest holding. Skylands Capital LLC owned about 0.11% of Owens Corning worth $15,014,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OC. Contravisory Investment Management Inc. acquired a new stake in shares of Owens Corning during the fourth quarter worth $27,000. Bruce G. Allen Investments LLC bought a new stake in shares of Owens Corning in the fourth quarter valued at about $27,000. VisionPoint Advisory Group LLC boosted its position in shares of Owens Corning by 53.0% during the third quarter. VisionPoint Advisory Group LLC now owns 254 shares of the construction company’s stock worth $35,000 after buying an additional 88 shares during the period. BluePath Capital Management LLC bought a new position in shares of Owens Corning during the third quarter worth about $36,000. Finally, Blue Trust Inc. raised its position in Owens Corning by 42.2% in the 4th quarter. Blue Trust Inc. now owns 263 shares of the construction company’s stock valued at $36,000 after buying an additional 78 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Insider Activity at Owens Corning

In other news, EVP Paula Russell sold 3,765 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now owns 20,419 shares of the company’s stock, valued at approximately $3,307,878. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Paula Russell sold 3,765 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the transaction, the executive vice president now owns 20,419 shares of the company’s stock, valued at $3,307,878. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gunner Smith sold 708 shares of Owens Corning stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the sale, the insider now directly owns 39,994 shares in the company, valued at $6,148,277.62. The disclosure for this sale can be found here. Insiders sold a total of 21,672 shares of company stock valued at $3,325,799 over the last quarter. 0.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on OC shares. Royal Bank of Canada increased their target price on shares of Owens Corning from $175.00 to $192.00 and gave the stock an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. lowered their target price on Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Truist Financial increased their price target on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research report on Thursday, February 15th. Argus boosted their price target on Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Citigroup raised their target price on shares of Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $168.21.

Owens Corning Stock Performance

OC traded up $2.62 on Monday, reaching $171.12. The company had a trading volume of 319,577 shares, compared to its average volume of 667,859. The stock has a market cap of $14.83 billion, a P/E ratio of 13.64, a P/E/G ratio of 5.27 and a beta of 1.47. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.22 and a current ratio of 1.76. Owens Corning has a fifty-two week low of $103.41 and a fifty-two week high of $173.65. The company’s fifty day moving average is $159.88 and its 200 day moving average is $146.48.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, topping analysts’ consensus estimates of $3.04 by $0.55. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.28 billion. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.77 earnings per share. As a group, analysts predict that Owens Corning will post 14.74 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were given a dividend of $0.60 per share. The ex-dividend date was Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.40%. Owens Corning’s payout ratio is 19.43%.

Owens Corning Company Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.