California State Teachers Retirement System Acquires 15,824 Shares of Owens Corning Inc $OC

Key Points

• California State Teachers Retirement System increased its Owens Corning stake by 20%, purchasing 15,824 shares to bring its holdings to 95,124 shares valued at approximately $10.3 million. Institutional investors own 88.4% of the company.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $157.92. Several firms recently raised their targets, including Barclays to $170 and RBC to $172.
• Owens Corning exceeded first-quarter earnings expectations, reporting $1.22 in EPS versus the $1.01 consensus and revenue of $2.27 billion, though revenue declined 10.5% year over year. The company also declared a quarterly dividend of $0.79 per share, representing a 2.2% yield.

California State Teachers Retirement System grew its stake in Owens Corning Inc (NYSE:OC - Free Report) by 20.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 95,124 shares of the construction company's stock after purchasing an additional 15,824 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Owens Corning worth $10,294,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Itau Unibanco Holding S.A. bought a new stake in Owens Corning in the fourth quarter valued at about $29,000. Cassaday & Co Wealth Management LLC bought a new position in Owens Corning during the first quarter worth about $30,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Owens Corning during the 3rd quarter worth about $42,000. Harbour Investments Inc. grew its position in shares of Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after buying an additional 129 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Owens Corning in the 4th quarter valued at about $37,000. 88.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays increased their price target on shares of Owens Corning from $144.00 to $170.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. The Goldman Sachs Group boosted their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a report on Friday, July 10th. Truist Financial upped their target price on shares of Owens Corning from $120.00 to $125.00 and gave the company a "hold" rating in a research note on Thursday, May 7th. Royal Bank Of Canada increased their target price on shares of Owens Corning from $148.00 to $172.00 and gave the stock an "outperform" rating in a report on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $157.92.

Owens Corning Stock Performance

Shares of OC stock opened at $143.15 on Tuesday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The company has a market capitalization of $11.53 billion, a P/E ratio of -21.66, a price-to-earnings-growth ratio of 2.70 and a beta of 1.32. The company's 50 day moving average price is $134.46 and its two-hundred day moving average price is $124.39. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91.

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

Owens Corning Dividend Announcement

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

Insiders Place Their Bets

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

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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