Comerica Bank Trims Position in Owens Corning (NYSE:OC)

Comerica Bank trimmed its position in shares of Owens Corning (NYSE:OC - Free Report) by 4.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,177 shares of the construction company's stock after selling 1,698 shares during the period. Comerica Bank's holdings in Owens Corning were worth $6,332,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Truist Financial Corp grew its stake in Owens Corning by 4.0% during the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock valued at $2,732,000 after acquiring an additional 624 shares in the last quarter. Allstate Corp purchased a new stake in shares of Owens Corning during the fourth quarter worth about $425,000. Integrated Quantitative Investments LLC purchased a new stake in Owens Corning during the fourth quarter worth approximately $349,000. Principal Financial Group Inc. raised its holdings in Owens Corning by 88.9% in the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock valued at $66,777,000 after acquiring an additional 184,552 shares in the last quarter. Finally, Empower Advisory Group LLC increased its position in Owens Corning by 1.0% in the fourth quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company's stock worth $87,212,000 after buying an additional 5,167 shares during the period. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

Owens Corning stock traded down $12.21 during trading on Wednesday, reaching $130.42. The company had a trading volume of 2,057,331 shares, compared to its average volume of 816,482. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a 52 week low of $123.41 and a 52 week high of $214.53. The firm's 50-day simple moving average is $141.61 and its 200 day simple moving average is $168.67. The firm has a market capitalization of $11.16 billion, a price-to-earnings ratio of 11.10, a price-to-earnings-growth ratio of 1.88 and a beta of 1.44.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the prior year, the company earned $3.40 earnings per share. The firm's revenue was up 25.4% on a year-over-year basis. Sell-side analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 10th were given a $0.69 dividend. The ex-dividend date was Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 2.12%. Owens Corning's payout ratio is 37.70%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OC. UBS Group reduced their price target on Owens Corning from $245.00 to $235.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Benchmark reiterated a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Wells Fargo & Company decreased their price objective on shares of Owens Corning from $200.00 to $155.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. Royal Bank of Canada dropped their price target on Owens Corning from $212.00 to $199.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Finally, StockNews.com cut Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $195.73.

Insider Transactions at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total value of $321,947.50. Following the sale, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.82% of the company's stock.

Owens Corning 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.