Louisiana State Employees Retirement System Makes New $2.58 Million Investment in Owens Corning Inc $OC

Key Points

• Louisiana State Employees Retirement System bought a new stake in Owens Corning, acquiring 23,800 shares valued at about $2.58 million in the first quarter.
• Owens Corning reported better-than-expected quarterly earnings of $1.22 per share on revenue of $2.27 billion, though revenue was still down 10.5% year over year.
• The company recently declared a quarterly dividend of $0.79 per share, equal to an annualized yield of about 2.3%, while analysts currently rate the stock a Moderate Buy with an average price target of $144.82.

Louisiana State Employees Retirement System acquired a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 23,800 shares of the construction company's stock, valued at approximately $2,576,000.

Other institutional investors also recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in Owens Corning during the 4th quarter valued at $29,000. Measured Wealth Private Client Group LLC acquired a new position in Owens Corning in the third quarter worth $42,000. Harbour Investments Inc. grew its holdings in shares of Owens Corning by 66.5% during the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after purchasing an additional 129 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Owens Corning in the fourth quarter valued at $37,000. Finally, Global Retirement Partners LLC raised its holdings in shares of Owens Corning by 1,173.3% in the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock valued at $43,000 after buying an additional 352 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Trading Down 0.1%

OC opened at $135.28 on Monday. The firm has a 50 day simple moving average of $122.08 and a 200 day simple moving average of $119.11. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.42. The company has a market cap of $10.89 billion, a price-to-earnings ratio of -20.47, a price-to-earnings-growth ratio of 2.46 and a beta of 1.34. 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 released its earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.21. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same quarter in the previous year, the business earned $2.97 EPS. The business's quarterly revenue was down 10.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Owens Corning Inc will post 9.53 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Investors 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 annualized dividend and a yield of 2.3%. Owens Corning's dividend payout ratio (DPR) is presently -47.81%.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of brokerages have weighed in on OC. Zacks Research raised shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Evercore set a $139.00 price target on shares of Owens Corning in a report on Thursday, May 7th. Bank of America reduced their price objective on Owens Corning from $140.00 to $138.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Truist Financial increased their price objective on Owens Corning from $120.00 to $125.00 and gave the company a "hold" rating in a research report on Thursday, May 7th. Finally, Barclays lifted their target price on Owens Corning from $135.00 to $144.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $144.82.

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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