27,157 Shares in Owens Corning Inc $OC Acquired by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio purchased a new stake in Owens Corning Inc (NYSE:OC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 27,157 shares of the construction company’s stock, valued at approximately $4,317,000.

A number of other hedge funds have also modified their holdings of OC. Proficio Capital Partners LLC bought a new position in shares of Owens Corning during the second quarter worth $299,000. Corient Private Wealth LP bought a new stake in shares of Owens Corning in the 2nd quarter valued at $4,787,000. Bank of America Corp DE acquired a new stake in Owens Corning during the 2nd quarter worth $133,685,000. Tiptree Advisors LLC bought a new position in Owens Corning during the second quarter worth about $11,445,000. Finally, Man Group plc bought a new position in Owens Corning during the second quarter worth about $12,475,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OC. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Citigroup increased their target price on shares of Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a report on Friday, August 7th. JPMorgan Chase & Co. lifted their target price on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Weiss Ratings upgraded Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, June 24th. Finally, Truist Financial set a $198.00 price target on Owens Corning in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $165.31.

Owens Corning Stock Up 0.2%

Shares of OC stock opened at $134.53 on Friday. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The stock has a market cap of $10.63 billion, a price-to-earnings ratio of -16.69, a PEG ratio of 2.02 and a beta of 1.32. The firm’s 50-day moving average is $145.60 and its 200-day moving average is $127.75.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the previous year, the business earned $4.21 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. Sell-side analysts predict that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were given a dividend of $0.79 per share. The ex-dividend date was Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.3%. Owens Corning’s dividend payout ratio (DPR) is -39.21%.

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.