Amundi Sells 18,384 Shares of Owens Corning Inc $OC

Key Points

• Amundi reduced its Owens Corning stake by 6.4%, selling 18,384 shares and retaining 270,425 shares valued at approximately $43.0 million. Institutional investors collectively own 88.4% of the company.
• Analysts maintain a generally positive outlook, with Owens Corning receiving a consensus “Moderate Buy” rating and an average price target of $165.31. Recent targets include $177 from Citigroup and $190 from DA Davidson.
• Owens Corning exceeded quarterly expectations, reporting $3.93 in adjusted EPS versus the $3.09 estimate and $2.76 billion in revenue. The company also paid a quarterly dividend of $0.79 per share, equivalent to a 2.5% annualized yield.

Amundi decreased its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 6.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 270,425 shares of the construction company's stock after selling 18,384 shares during the period. Amundi owned about 0.34% of Owens Corning worth $42,966,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. California State Teachers Retirement System boosted its holdings in Owens Corning by 15,428.9% during the 2nd quarter. California State Teachers Retirement System now owns 14,771,676 shares of the construction company's stock worth $2,348,106,000 after acquiring an additional 14,676,552 shares during the last quarter. BlackRock Inc. bought a new position in shares of Owens Corning during the second quarter valued at about $1,401,161,000. Arrowstreet Capital Limited Partnership boosted its holdings in Owens Corning by 460.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company's stock worth $146,940,000 after purchasing an additional 1,078,877 shares during the last quarter. Norges Bank purchased a new position in Owens Corning during the fourth quarter worth about $119,748,000. Finally, Allspring Global Investments Holdings LLC grew its position in Owens Corning by 721.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company's stock worth $125,513,000 after purchasing an additional 1,027,800 shares in the last quarter. Institutional investors own 88.40% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Truist Financial set a $198.00 price objective on shares of Owens Corning in a research note on Thursday, August 6th. Weiss Ratings upgraded Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, June 24th. Citigroup upped their target price on Owens Corning from $149.00 to $177.00 and gave the company a "buy" rating in a report on Friday, August 7th. Benchmark reiterated a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Finally, DA Davidson began coverage on Owens Corning in a report on Monday, August 24th. They set a "buy" rating and a $190.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and a consensus target price of $165.31.

Owens Corning Price Performance

Owens Corning stock opened at $127.41 on Friday. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The business's 50 day simple moving average is $143.84 and its 200 day simple moving average is $127.73. The company has a market cap of $10.07 billion, a price-to-earnings ratio of -15.81, a PEG ratio of 1.93 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.09 by $0.84. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The business's revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the business posted $4.21 earnings per share. Sell-side analysts forecast that Owens Corning Inc will post 9.94 EPS for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were issued a $0.79 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.5%. Owens Corning's dividend payout ratio (DPR) is -39.21%.

Insiders Place Their Bets

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

Owens Corning Profile

Owens Corning NYSE: OC is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing materials and glass-fiber composites designed to improve energy efficiency, durability and structural performance.

The company's insulation products include fiberglass, mineral wool and foam insulation, as well as related air-sealing and weatherization products. Its roofing business provides asphalt shingles, roofing components and other solutions for residential and commercial applications.

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