608,547 Owens Corning Inc $OC Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments reduced its Owens Corning stake by 60.8%, selling 608,547 shares in the third quarter and retaining 392,833 shares, worth about $46 million. Institutional investors collectively own 88.4% of the company.
• Owens Corning’s latest quarterly results fell short of forecasts: adjusted EPS was $2.44 versus the $3.07 consensus, while revenue of $2.49 billion was down 7.3% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $140.93. The company also pays a quarterly dividend of $0.79 per share, equivalent to a 2.6% annualized yield.

Allspring Global Investments Holdings LLC cut its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 60.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 392,833 shares of the construction company's stock after selling 608,547 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.50% of Owens Corning worth $45,997,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OC. BlackRock Inc. bought a new stake in shares of Owens Corning in the 2nd quarter worth $1,401,161,000. Nykredit A S bought a new position in shares of Owens Corning during the second quarter valued at about $166,083,000. Bank of America Corp DE bought a new position in Owens Corning in the 2nd quarter worth $133,685,000. Sound Shore Management Inc. CT purchased a new position in Owens Corning during the first quarter valued at $64,102,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Owens Corning during the second quarter valued at $91,829,000. 88.40% of the stock is owned by institutional investors.

Owens Corning Price Performance

Shares of OC opened at $122.39 on Thursday. The company has a quick ratio of 0.58, a current ratio of 1.13 and a debt-to-equity ratio of 1.33. The firm's 50 day moving average price is $121.09 and its 200 day moving average price is $126.12. The company has a market cap of $9.44 billion, a P/E ratio of -23.01, a PEG ratio of 2.96 and a beta of 1.31. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The construction company reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.07 by ($0.63). Owens Corning had a positive return on equity of 19.14% and a negative net margin of 4.42%. The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period in the prior year, the firm posted $3.67 earnings per share. The business's revenue for the quarter was down 7.3% compared to the same quarter last year. On average, research analysts forecast that Owens Corning Inc will post 8.47 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Monday, October 19th were paid a dividend of $0.79 per share. The ex-dividend date was Monday, October 19th. This represents a $3.16 annualized dividend and a dividend yield of 2.6%. Owens Corning's dividend payout ratio is -59.40%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Owens Corning from $125.00 to $133.00 and gave the company an "overweight" rating in a research note on Thursday, November 5th. Vertical Research lowered Owens Corning from a "hold" rating to a "sell" rating and set a $106.00 price target for the company. in a research note on Wednesday, October 7th. Barclays reduced their price objective on shares of Owens Corning from $177.00 to $162.00 and set an "overweight" rating for the company in a research note on Tuesday, October 6th. Melius Research assumed coverage on shares of Owens Corning in a report on Tuesday, October 6th. They set a "sell" rating and a $118.00 price objective on the stock. Finally, Zacks Research lowered shares of Owens Corning from a "strong-buy" rating to a "strong sell" rating in a report on Monday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $140.93.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares of the company's stock, valued at $3,090,157.43. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

About Owens Corning

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works' fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.

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