Owens Corning Inc $OC Stock Position Raised by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in shares of Owens Corning Inc (NYSE:OC) by 16.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 409,896 shares of the construction company’s stock after buying an additional 56,990 shares during the quarter. Principal Financial Group Inc. owned approximately 0.51% of Owens Corning worth $44,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in OC. Pitcairn Co. raised its position in Owens Corning by 4.6% during the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after acquiring an additional 80 shares in the last quarter. First Pacific Financial grew its position in Owens Corning by 2.3% in the first quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock worth $406,000 after acquiring an additional 85 shares in the last quarter. Viawealth LLC increased its stake in shares of Owens Corning by 3.6% during the 4th quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock worth $287,000 after purchasing an additional 88 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Owens Corning by 2.9% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock valued at $343,000 after purchasing an additional 90 shares in the last quarter. Finally, Pallas Capital Advisors LLC lifted its stake in shares of Owens Corning by 2.7% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock valued at $447,000 after purchasing an additional 104 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Down 0.4%

Owens Corning stock opened at $144.04 on Friday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91. The firm has a fifty day moving average price of $129.08 and a two-hundred day moving average price of $122.42. The firm has a market cap of $11.60 billion, a price-to-earnings ratio of -21.79, a P/E/G ratio of 2.81 and a beta of 1.30.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the previous year, the company posted $2.97 earnings per share. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, analysts forecast that Owens Corning Inc will post 9.55 earnings per share for the current year.

Owens Corning Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OC. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised their target price on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Weiss Ratings upgraded Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. JPMorgan Chase & Co. increased their price objective on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, Bank of America cut their price objective on Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $157.50.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the sale, the vice president directly owned 3,093 shares of the company’s stock, valued at $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.92% of the company’s stock.

Owens Corning Company 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.