Arrowstreet Capital Limited Partnership Decreases Holdings in Owens Corning Inc $OC

Key Points

• Arrowstreet Capital trimmed its Owens Corning stake by 2.7% in the first quarter, selling 34,901 shares and ending with 1,278,118 shares worth about $138.3 million.
• Institutional ownership remains heavy, with funds like Vanguard, State Street, Dimensional, and First Trust also adjusting positions; overall, 88.4% of Owens Corning stock is held by institutions and hedge funds.
• Owens Corning reported better-than-expected earnings last quarter, raised a quarterly dividend to $0.79 per share, and analysts currently rate the stock a Moderate Buy with a consensus price target of $157.92.

Arrowstreet Capital Limited Partnership decreased its stake in Owens Corning Inc (NYSE:OC - Free Report) by 2.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,278,118 shares of the construction company's stock after selling 34,901 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.59% of Owens Corning worth $138,318,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Owens Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock worth $1,092,883,000 after buying an additional 84,096 shares during the period. State Street Corp raised its stake in shares of Owens Corning by 2.3% in the 3rd quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock valued at $514,205,000 after purchasing an additional 81,133 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Owens Corning by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company's stock valued at $299,167,000 after acquiring an additional 188,211 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Owens Corning by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company's stock worth $290,321,000 after purchasing an additional 231,871 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of Owens Corning by 22.7% during the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company's stock worth $235,835,000 after purchasing an additional 403,803 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Royal Bank Of Canada lifted their price target on shares of Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a report on Friday, July 10th. Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Bank of America cut their target price on Owens Corning from $140.00 to $138.00 and set a "buy" rating on the stock in a research note on Monday, April 20th. Finally, Weiss Ratings raised shares of Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $157.92.

Owens Corning Price Performance

NYSE OC opened at $142.41 on Friday. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The firm has a market capitalization of $11.47 billion, a PE ratio of -21.55, a P/E/G ratio of 2.76 and a beta of 1.30. The company's 50 day simple moving average is $131.26 and its 200 day simple moving average is $123.39. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.21. The business had revenue of $2.27 billion during the quarter, compared to analysts' expectations of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company's quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the business posted $2.97 earnings per share. As a group, equities research analysts forecast that Owens Corning Inc will post 9.55 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be paid a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.2%. Owens Corning's dividend payout ratio is currently -47.81%.

Insider Activity

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the company's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company's stock, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.92% of the company's stock.

About Owens Corning

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.

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