Owens Corning Inc $OC Shares Sold by Rockefeller Capital Management L.P.

Key Points

• Rockefeller Capital Management slashed its Owens Corning stake by 94% in the fourth quarter, leaving it with 1,971 shares worth about $221,000 after selling 31,145 shares.
• Owens Corning reported better-than-expected Q1 earnings, posting $1.22 per share versus the $1.01 consensus and revenue of $2.27 billion, though sales were still down 10.5% year over year.
• The company announced a quarterly dividend of $0.79 per share, payable on August 6, which works out to an annualized yield of about 2.3% based on the article’s data.

Rockefeller Capital Management L.P. lowered its position in Owens Corning Inc (NYSE:OC - Free Report) by 94.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,971 shares of the construction company's stock after selling 31,145 shares during the quarter. Rockefeller Capital Management L.P.'s holdings in Owens Corning were worth $221,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Groupama Asset Managment increased its stake in shares of Owens Corning by 1.8% during the 4th quarter. Groupama Asset Managment now owns 6,153 shares of the construction company's stock worth $689,000 after purchasing an additional 106 shares in the last quarter. River Road Asset Management LLC lifted its stake in Owens Corning by 3.0% in the 4th quarter. River Road Asset Management LLC now owns 348,116 shares of the construction company's stock valued at $38,958,000 after buying an additional 10,193 shares in the last quarter. Pacer Advisors Inc. grew its holdings in Owens Corning by 200.5% during the 4th quarter. Pacer Advisors Inc. now owns 381,887 shares of the construction company's stock valued at $42,737,000 after buying an additional 254,793 shares during the last quarter. Kera Capital Partners Inc. grew its holdings in Owens Corning by 18.7% during the 4th quarter. Kera Capital Partners Inc. now owns 3,164 shares of the construction company's stock valued at $379,000 after buying an additional 499 shares during the last quarter. Finally, Virtu Financial LLC increased its position in Owens Corning by 18.4% during the fourth quarter. Virtu Financial LLC now owns 3,286 shares of the construction company's stock worth $368,000 after buying an additional 511 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 that occurred 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 sale, the vice president owned 3,093 shares in the company, valued at $374,005.56. This represents a 38.37% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.92% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Weiss Ratings upgraded Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, June 24th. Bank of America decreased their price target on shares of Owens Corning from $140.00 to $138.00 and set a "buy" rating on the stock in a research note on Monday, April 20th. The Goldman Sachs Group raised their price target on shares of Owens Corning from $125.00 to $141.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. 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, Wells Fargo & Company upped their price objective on shares of Owens Corning from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $150.58.

Owens Corning Price Performance

Owens Corning stock opened at $137.70 on Thursday. The firm has a fifty day moving average of $126.25 and a 200-day moving average of $121.05. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $11.09 billion, a P/E ratio of -20.83, a PEG ratio of 2.58 and a beta of 1.30.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter in the previous year, the business posted $2.97 EPS. The business's quarterly revenue was down 10.5% on a year-over-year basis. As a group, analysts predict that Owens Corning Inc will post 9.53 EPS for the current year.

Owens Corning Dividend Announcement

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

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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