OMERS ADMINISTRATION Corp Has $1.41 Million Stock Position in Owens Corning Inc $OC

OMERS ADMINISTRATION Corp increased its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 252.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,985 shares of the construction company's stock after acquiring an additional 9,300 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Owens Corning were worth $1,405,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pitcairn Co. grew its position in Owens Corning by 4.6% during the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock worth $250,000 after purchasing an additional 80 shares in the last quarter. First Pacific Financial lifted its holdings in shares of Owens Corning by 2.3% in the first quarter. First Pacific Financial now owns 3,749 shares of the construction company's stock valued at $406,000 after purchasing an additional 85 shares in the last quarter. Viawealth LLC boosted its position in shares of Owens Corning by 3.6% in the fourth quarter. Viawealth LLC now owns 2,563 shares of the construction company's stock worth $287,000 after buying an additional 88 shares during the period. Fifth Third Wealth Advisors LLC grew its holdings in shares of Owens Corning by 2.9% during the first quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company's stock valued at $343,000 after buying an additional 90 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its holdings in shares of Owens Corning by 2.7% during the fourth quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company's stock valued at $447,000 after buying an additional 104 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Down 4.7%

OC opened at $136.38 on Thursday. The company has a market capitalization of $10.98 billion, a PE ratio of -20.63, a price-to-earnings-growth ratio of 2.78 and a beta of 1.30. 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 Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91. The business has a 50-day moving average of $133.05 and a 200-day moving average of $124.01.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.21. The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm's revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 earnings per share. Equities research analysts forecast that Owens Corning Inc will post 9.55 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning's payout ratio is currently -47.81%.

Analysts Set New Price Targets

Several brokerages recently issued reports on OC. Bank of America reduced their price objective on Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, April 20th. Royal Bank Of Canada upped their target price on Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a report on Friday, July 10th. Evercore reissued an "outperform" rating and issued a $193.00 price target on shares of Owens Corning in a research report on Thursday, July 23rd. Truist Financial boosted their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the company a "hold" rating in a research report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and an average target price of $157.92.

Insiders Place Their Bets

In related news, VP Mari Doerfler sold 1,926 shares of the company's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the sale, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

About Owens Corning

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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