Owens Corning Inc (NYSE:OC) Stock Holdings Reduced by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC reduced its stake in Owens Corning Inc (NYSE:OC - Free Report) by 55.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,410 shares of the construction company's stock after selling 37,342 shares during the period. Janney Montgomery Scott LLC's holdings in Owens Corning were worth $4,200,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Bank Pictet & Cie Europe AG acquired a new stake in Owens Corning in the 4th quarter valued at approximately $28,651,000. Truist Financial Corp increased its holdings in shares of Owens Corning by 4.0% during the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock valued at $2,732,000 after purchasing an additional 624 shares during the period. Venturi Wealth Management LLC raised its stake in shares of Owens Corning by 55.8% during the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after purchasing an additional 63 shares in the last quarter. Atria Wealth Solutions Inc. raised its position in shares of Owens Corning by 16.1% during the 4th quarter. Atria Wealth Solutions Inc. now owns 3,759 shares of the construction company's stock worth $640,000 after buying an additional 521 shares in the last quarter. Finally, Global Retirement Partners LLC raised its holdings in Owens Corning by 35.7% during the fourth quarter. Global Retirement Partners LLC now owns 1,129 shares of the construction company's stock worth $192,000 after purchasing an additional 297 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

OC has been the topic of several research analyst reports. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Evercore ISI set a $165.00 target price on Owens Corning in a report on Thursday, May 15th. Royal Bank Of Canada cut their price target on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Barclays dropped their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $183.80.

Owens Corning Stock Up 0.6%

Shares of OC traded up $0.85 during mid-day trading on Friday, reaching $138.08. The company's stock had a trading volume of 922,178 shares, compared to its average volume of 861,793. The company has a market cap of $11.74 billion, a price-to-earnings ratio of 48.62, a price-to-earnings-growth ratio of 3.59 and a beta of 1.34. The business has a fifty day moving average of $138.06 and a 200 day moving average of $154.74. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. Owens Corning Inc has a 1 year low of $123.41 and a 1 year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the business earned $3.40 EPS. The business's revenue for the quarter was up 25.4% on a year-over-year basis. As a group, analysts forecast that Owens Corning Inc will post 15.49 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 7th. Investors of record on Monday, July 21st will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Monday, July 21st. Owens Corning's payout ratio is presently 97.18%.

Owens Corning announced that its board has initiated a share repurchase program on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.