Allspring Global Investments Holdings LLC Has $125.51 Million Stock Position in Owens Corning Inc $OC

Allspring Global Investments Holdings LLC raised its position in Owens Corning Inc (NYSE:OC) by 721.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,170,179 shares of the construction company’s stock after purchasing an additional 1,027,800 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Owens Corning were worth $125,513,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Owens Corning during the 4th quarter valued at about $29,000. Harbour Investments Inc. lifted its stake in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after acquiring an additional 129 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Owens Corning in the fourth quarter worth approximately $37,000. Measured Wealth Private Client Group LLC bought a new stake in Owens Corning in the third quarter worth approximately $42,000. Finally, Global Retirement Partners LLC increased its stake in shares of Owens Corning by 1,173.3% during the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock worth $43,000 after purchasing an additional 352 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OC. Evercore raised shares of Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 price objective for the company in a research note on Tuesday, June 30th. Wells Fargo & Company increased their target price on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday. Royal Bank Of Canada raised their target price on Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a report on Friday, July 10th. Barclays increased their price objective on Owens Corning from $144.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. raised their price objective on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Owens Corning has an average rating of “Moderate Buy” and an average target price of $157.50.

Owens Corning Trading Up 0.4%

Shares of NYSE:OC opened at $144.19 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The stock’s 50-day moving average is $128.63 and its 200-day moving average is $122.27. The company has a market cap of $11.61 billion, a P/E ratio of -21.81, a P/E/G ratio of 2.79 and a beta of 1.30. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The business had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same quarter in the previous year, the firm earned $2.97 EPS. The firm’s revenue was down 10.5% compared to the same quarter last year. Equities research analysts predict that Owens Corning Inc will post 9.55 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be paid a $0.79 dividend. The ex-dividend date is Monday, July 20th. This represents a $3.16 annualized dividend and a dividend yield of 2.2%. Owens Corning’s dividend payout ratio (DPR) is presently -47.81%.

Insider Buying and Selling at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, the vice president owned 3,093 shares of the company’s stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

About Owens Corning

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.