Allspring Global Investments Holdings LLC Reduces Holdings in Owens Corning Inc $OC

Key Points

• Allspring Global Investments Holdings LLC decreased its holdings in Owens Corning Inc by 2.7% in Q2, owning 143,364 shares worth approximately $20.56 million as of their latest SEC filing.
• Owens Corning recently reported a Q2 EPS of $4.21, surpassing analysts' expectations of $3.80, alongside a revenue increase of 10% year-over-year to $2.75 billion.
• The company announced a quarterly dividend of $0.69, to be paid on November 6th, marking an annualized dividend yield of 2.2% with a payout ratio of 71.69%.

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,364 shares of the construction company's stock after selling 4,034 shares during the period. Allspring Global Investments Holdings LLC owned about 0.17% of Owens Corning worth $20,564,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. OneDigital Investment Advisors LLC increased its stake in shares of Owens Corning by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock worth $234,000 after purchasing an additional 409 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Owens Corning by 11.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock worth $4,416,000 after acquiring an additional 3,298 shares during the last quarter. Moran Wealth Management LLC boosted its position in Owens Corning by 31.4% during the first quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock worth $20,076,000 after acquiring an additional 33,631 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Owens Corning by 21.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,720 shares of the construction company's stock worth $1,245,000 after acquiring an additional 1,558 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Owens Corning by 0.4% during the first quarter. Principal Financial Group Inc. now owns 393,768 shares of the construction company's stock worth $56,238,000 after acquiring an additional 1,737 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Down 0.8%

Shares of OC opened at $126.29 on Friday. The firm has a market cap of $10.56 billion, a PE ratio of 32.80, a price-to-earnings-growth ratio of 9.25 and a beta of 1.32. The company's fifty day moving average is $145.18 and its two-hundred day moving average is $141.43. Owens Corning Inc has a fifty-two week low of $123.23 and a fifty-two week high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter last year, the firm posted $4.64 EPS. The business's revenue for the quarter was up 10.0% compared to the same quarter last year. Analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Stockholders of record on Monday, October 20th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning's dividend payout ratio (DPR) is currently 71.69%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on OC shares. Royal Bank Of Canada decreased their target price on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Barclays raised their target price on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Bank of America decreased their target price on shares of Owens Corning from $180.00 to $168.00 and set a "buy" rating on the stock in a research report on Wednesday, October 1st. Wells Fargo & Company lifted their price target on shares of Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Finally, Truist Financial decreased their price target on shares of Owens Corning from $165.00 to $135.00 and set a "hold" rating on the stock in a report on Thursday, October 9th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $178.31.

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.

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