New York State Teachers Retirement System Has $9.33 Million Position in Owens Corning Inc $OC

Key Points

• The New York State Teachers Retirement System reduced its position in Owens Corning Inc by 5.3%, owning approximately $9.33 million worth of shares after selling 3,815 shares in the second quarter.
• Analysts have mixed forecasts for Owens Corning’s stock, with price targets ranging from $135.00 to $218.00, and currently have a consensus rating of "Moderate Buy".
• Owens Corning recently declared a quarterly dividend of $0.69 per share, with an annualized dividend yield of 2.2%.

New York State Teachers Retirement System reduced its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 5.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,808 shares of the construction company's stock after selling 3,815 shares during the period. New York State Teachers Retirement System owned approximately 0.08% of Owens Corning worth $9,325,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in OC. Bangor Savings Bank acquired a new stake in Owens Corning during the 2nd quarter worth approximately $28,000. Ameritas Advisory Services LLC acquired a new stake in Owens Corning during the 2nd quarter worth approximately $42,000. Wayfinding Financial LLC acquired a new position in Owens Corning in the 1st quarter valued at $60,000. IFP Advisors Inc raised its holdings in Owens Corning by 76.0% in the 2nd quarter. IFP Advisors Inc now owns 461 shares of the construction company's stock valued at $63,000 after acquiring an additional 199 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in Owens Corning by 61.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock valued at $69,000 after acquiring an additional 184 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OC shares. Truist Financial dropped their price objective on Owens Corning from $165.00 to $135.00 and set a "hold" rating for the company in a report on Thursday, October 9th. Wells Fargo & Company lifted their price objective on Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. UBS Group dropped their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, Evercore ISI dropped their price objective on Owens Corning from $169.00 to $153.00 and set an "in-line" rating for the company in a report on Tuesday, October 7th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $178.31.

Owens Corning Trading Up 0.6%

Shares of OC opened at $127.09 on Monday. Owens Corning Inc has a 52-week low of $123.23 and a 52-week high of $214.53. The business's fifty day moving average is $144.84 and its 200-day moving average is $141.30. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 33.01, a PEG ratio of 9.22 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the company posted $4.64 EPS. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. Equities analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Stockholders of record on Monday, October 20th will be paid a $0.69 dividend. The ex-dividend date is Monday, October 20th. This represents a $2.76 annualized dividend and a dividend yield of 2.2%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

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.

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