Owens Corning Inc $OC Position Raised by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its position in Owens Corning Inc (NYSE:OC - Free Report) by 721.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,170,179 shares of the construction company's stock after purchasing an additional 1,027,800 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.46% of Owens Corning worth $125,513,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OC. Geneos Wealth Management Inc. boosted its stake in Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock valued at $69,000 after buying an additional 184 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Owens Corning in the 2nd quarter valued at about $277,000. EverSource Wealth Advisors LLC lifted its holdings in Owens Corning by 1,433.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company's stock valued at $175,000 after acquiring an additional 1,190 shares during the last quarter. Cerity Partners LLC boosted its position in shares of Owens Corning by 294.3% during the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company's stock valued at $2,389,000 after purchasing an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia grew its stake in shares of Owens Corning by 12.2% in the 2nd quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company's stock worth $421,000 after purchasing an additional 333 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on OC. Evercore raised shares of Owens Corning from an "in-line" rating to an "outperform" rating and set a $188.00 target price for the company in a research note on Tuesday, June 30th. Zacks Research raised Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. The Goldman Sachs Group increased 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. 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. Finally, Truist Financial boosted their target price on Owens Corning from $120.00 to $125.00 and gave the stock a "hold" rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.50.

Owens Corning Trading Up 0.4%

Owens Corning stock opened at $144.19 on Friday. The company has a 50 day moving average price of $128.63 and a 200 day moving average price of $122.27. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The firm has a market capitalization of $11.61 billion, a price-to-earnings ratio of -21.81, a P/E/G ratio of 2.79 and a beta of 1.30.

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

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.2%. Owens Corning's dividend payout ratio (DPR) is presently -47.81%.

Insider Transactions at Owens Corning

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

Owens Corning Company 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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