Owens Corning Inc $OC Shares Sold by Robeco Institutional Asset Management B.V.

Key Points

• Robeco Institutional Asset Management B.V. has reduced its stake in Owens Corning Inc by 26.2%, selling 69,251 shares and now owning 195,468 shares valued at approximately $26.88 million.
• Owens Corning reported earnings of $4.21 per share for the last quarter, exceeding analyst expectations by $0.41, with quarterly revenue reaching $2.75 billion.
• The company plans to distribute a quarterly dividend of $0.69 on November 6th, 2023, representing an annualized yield of 2.0% with a payout ratio of 71.69%.

Robeco Institutional Asset Management B.V. lowered its position in Owens Corning Inc (NYSE:OC - Free Report) by 26.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,468 shares of the construction company's stock after selling 69,251 shares during the quarter. Robeco Institutional Asset Management B.V. owned 0.23% of Owens Corning worth $26,881,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC lifted its holdings in Owens Corning by 33.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock worth $234,000 after buying an additional 409 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Owens Corning by 11.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock worth $4,416,000 after purchasing an additional 3,298 shares during the last quarter. Wedge Capital Management L L P NC lifted its position in shares of Owens Corning by 32.0% during the first quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company's stock worth $10,404,000 after purchasing an additional 17,660 shares during the last quarter. Moran Wealth Management LLC lifted its position in shares of Owens Corning by 31.4% during the first quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock worth $20,076,000 after purchasing an additional 33,631 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Owens Corning by 21.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,720 shares of the construction company's stock worth $1,245,000 after purchasing an additional 1,558 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Price Performance

OC opened at $138.64 on Friday. The firm has a market cap of $11.59 billion, a price-to-earnings ratio of 36.01, a price-to-earnings-growth ratio of 10.12 and a beta of 1.32. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The company's 50-day moving average price is $147.39 and its 200 day moving average price is $142.49. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.41. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. Owens Corning's quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.64 earnings per share. As a group, sell-side analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be given a $0.69 dividend. The ex-dividend date is Monday, October 20th. This represents a $2.76 annualized dividend and a yield of 2.0%. Owens Corning's dividend payout ratio is 71.69%.

Analyst Ratings Changes

OC has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on shares of Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. Barclays increased their price target on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. UBS Group reduced their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Owens Corning in a research report on Saturday, September 27th. Finally, Royal Bank Of Canada reduced their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $183.55.

Owens Corning Profile

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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