California State Teachers Retirement System Buys 14,676,552 Shares of Owens Corning Inc $OC

Key Points

• CalSTRS dramatically increased its Owens Corning stake by purchasing 14.68 million shares in the second quarter, bringing its ownership to 14.77 million shares, or approximately 18.69% of the company. Institutional investors collectively own 88.40% of OC.
• Owens Corning reported quarterly EPS of $3.93, exceeding estimates of $3.09, while revenue reached $2.76 billion versus expectations of $2.66 billion. The company also declared a $0.79 quarterly dividend, equivalent to a 2.4% yield.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $164.15, compared with a recent opening price of $132.01.

California State Teachers Retirement System raised its stake in Owens Corning Inc (NYSE:OC - Free Report) by 15,428.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,771,676 shares of the construction company's stock after acquiring an additional 14,676,552 shares during the period. California State Teachers Retirement System owned approximately 18.69% of Owens Corning worth $2,348,106,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Owens Corning in the 2nd quarter valued at approximately $1,401,161,000. State Street Corp grew its position in Owens Corning by 2.3% in the third quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock valued at $514,205,000 after acquiring an additional 81,133 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Owens Corning by 7.3% in the first 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 during the last quarter. Price T Rowe Associates Inc. MD raised its stake in 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 acquiring an additional 231,871 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in 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 acquiring an additional 403,803 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the company's 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 transaction, the insider owned 21,449 shares in the company, valued at approximately $3,090,157.43. This 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 accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

Owens Corning Stock Performance

Shares of OC stock opened at $132.01 on Friday. The company has a market cap of $10.44 billion, a price-to-earnings ratio of -16.38, a price-to-earnings-growth ratio of 1.91 and a beta of 1.32. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The firm has a 50 day moving average of $143.46 and a 200-day moving average of $127.76.

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, beating analysts' consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. Owens Corning's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.21 EPS. On average, equities analysts forecast that Owens Corning Inc will post 9.94 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning's payout ratio is -39.21%.

Analysts Set New Price Targets

OC has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their price target on shares of Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a research note on Friday, July 10th. Barclays increased their price objective on shares of Owens Corning from $170.00 to $177.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Benchmark reiterated a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Citigroup increased their price target on Owens Corning from $149.00 to $177.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Finally, Wells Fargo & Company cut their price objective on Owens Corning from $172.00 to $150.00 and set an "overweight" rating on the stock in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and an average price target of $164.15.

Owens Corning Company 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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