Voya Investment Management LLC Sells 34,795 Shares of Owens Corning Inc $OC

Voya Investment Management LLC cut its position in Owens Corning Inc (NYSE:OC) by 55.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,150 shares of the construction company’s stock after selling 34,795 shares during the quarter. Voya Investment Management LLC’s holdings in Owens Corning were worth $3,982,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OC. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Owens Corning by 6.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,443 shares of the construction company’s stock worth $349,000 after acquiring an additional 141 shares during the period. Smartleaf Asset Management LLC raised its holdings in Owens Corning by 49.5% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,184 shares of the construction company’s stock worth $169,000 after purchasing an additional 392 shares during the last quarter. Comerica Bank lifted its position in shares of Owens Corning by 1.9% in the 1st quarter. Comerica Bank now owns 37,876 shares of the construction company’s stock worth $5,409,000 after purchasing an additional 699 shares during the period. Ieq Capital LLC bought a new stake in shares of Owens Corning in the 1st quarter valued at $1,415,000. Finally, CreativeOne Wealth LLC increased its position in shares of Owens Corning by 6.7% during the first quarter. CreativeOne Wealth LLC now owns 1,649 shares of the construction company’s stock worth $236,000 after buying an additional 103 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Trading Up 0.1%

NYSE OC opened at $113.65 on Friday. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.05. The business has a fifty day simple moving average of $113.92 and a 200 day simple moving average of $132.94. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $192.96. The firm has a market capitalization of $9.34 billion, a P/E ratio of -19.87, a PEG ratio of 9.14 and a beta of 1.34.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.64 by $0.03. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business’s revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.38 EPS. On average, analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th will be paid a $0.79 dividend. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date is Monday, January 5th. This represents a $3.16 annualized dividend and a yield of 2.8%. Owens Corning’s dividend payout ratio (DPR) is -48.25%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Royal Bank Of Canada decreased their price target on Owens Corning from $174.00 to $145.00 and set an “outperform” rating for the company in a report on Thursday, November 6th. Wells Fargo & Company dropped their price target on Owens Corning from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, December 15th. Vertical Research started coverage on Owens Corning in a report on Monday, October 20th. They set a “hold” rating on the stock. Truist Financial reduced their price objective on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research report on Thursday, October 9th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research report on Monday. Ten analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Owens Corning currently has an average rating of “Hold” and a consensus price target of $155.58.

Owens Corning Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.