Glenmede Trust Co. NA Cuts Stock Position in Owens Corning Inc $OC

Key Points

• Glenmede Trust cut its Owens Corning stake by 91.7% in the first quarter, selling 60,838 shares and retaining 5,504 shares valued at approximately $596,000. Institutional investors own 88.4% of the company.
• Owens Corning reported quarterly EPS of $3.93, beating estimates of $3.09, while revenue reached $2.76 billion versus the $2.66 billion consensus. Shares opened at $157.22, near the company’s 52-week high of $159.91.
• Analysts maintain a generally positive view, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $163.25. The company also pays a quarterly dividend of $0.79 per share, representing a 2.0% annualized yield.

Glenmede Trust Co. NA decreased its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 91.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,504 shares of the construction company's stock after selling 60,838 shares during the quarter. Glenmede Trust Co. NA's holdings in Owens Corning were worth $596,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in OC. Itau Unibanco Holding S.A. purchased a new position in shares of Owens Corning in the 4th quarter worth about $29,000. Cassaday & Co Wealth Management LLC purchased a new stake in Owens Corning during the 1st quarter valued at about $30,000. Measured Wealth Private Client Group LLC purchased a new stake in Owens Corning during the 3rd quarter valued at about $42,000. Harbour Investments Inc. increased its stake in Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock valued at $36,000 after purchasing an additional 129 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in Owens Corning during the 4th quarter valued at about $37,000. 88.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the 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 $1,913,012.08. This represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Owens Corning Stock Performance

Shares of NYSE OC opened at $157.22 on Friday. The firm's 50-day moving average price is $136.74 and its 200-day moving average price is $125.16. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a market cap of $12.43 billion, a PE ratio of -19.51, a PEG ratio of 2.89 and a beta of 1.32. The company has a quick ratio of 0.74, a current ratio of 1.16 and a debt-to-equity ratio of 1.10.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. The firm had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm's quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the company earned $4.21 earnings per share. As a group, analysts anticipate that Owens Corning Inc will post 9.65 EPS for the current year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a dividend of $0.79 per share. The ex-dividend date was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.0%. Owens Corning's payout ratio is currently -47.81%.

Analyst Upgrades and Downgrades

OC has been the topic of several analyst reports. Wells Fargo & Company upped their target price on shares of Owens Corning from $150.00 to $165.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. Truist Financial set a $198.00 price target on shares of Owens Corning in a research report on Thursday. Weiss Ratings upgraded shares of Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, June 24th. The Goldman Sachs Group upped their price objective on Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a research report on Friday, July 10th. Finally, Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $163.25.

Owens Corning Profile

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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