Public Employees Retirement System of Ohio Reduces Stock Position in Owens Corning Inc $OC

Key Points

• Public Employees Retirement System of Ohio cut its Owens Corning stake by 59% in the first quarter, selling 38,524 shares and retaining 26,750 shares worth approximately $2.9 million. Institutional investors collectively own 88.4% of the company.
• Analysts remain generally positive, with Owens Corning holding a consensus “Moderate Buy” rating and an average price target of $157.92. Barclays and Deutsche Bank recently raised their targets to $170 and $165, respectively.
• Owens Corning beat quarterly earnings expectations, reporting $1.22 in EPS versus a $1.01 consensus and $2.27 billion in revenue, though revenue fell 10.5% year over year. The company also declared a quarterly dividend of $0.79 per share, representing a 2.3% annualized yield.

Public Employees Retirement System of Ohio decreased its position in Owens Corning Inc (NYSE:OC - Free Report) by 59.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,750 shares of the construction company's stock after selling 38,524 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Owens Corning were worth $2,895,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OC. Itau Unibanco Holding S.A. purchased a new stake in shares of Owens Corning during the fourth quarter worth about $29,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Owens Corning in the first quarter valued at approximately $30,000. Harbour Investments Inc. lifted its stake in shares of Owens Corning by 66.5% during the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock valued at $36,000 after buying an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning during the fourth quarter worth approximately $37,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning during the third quarter worth approximately $42,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares of the company's stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 on Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the sale, the vice president directly owned 3,093 shares in the company, valued at $374,005.56. This trade represents a 38.37% decrease in their position. The SEC filing for this sale provides additional information. 0.92% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Barclays lifted their price objective on Owens Corning from $144.00 to $170.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Truist Financial increased 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. Benchmark reissued a "hold" rating on shares of Owens Corning in a research note on Wednesday, July 15th. Weiss Ratings upgraded Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, June 24th. 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 research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $157.92.

Owens Corning Stock Performance

Shares of OC stock opened at $139.13 on Friday. The company's fifty day simple moving average is $133.95 and its 200-day simple moving average is $124.23. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The company has a market cap of $11.20 billion, a PE ratio of -21.05, a P/E/G ratio of 2.69 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, equities research analysts anticipate that Owens Corning Inc will post 9.55 EPS for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be paid 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 dividend yield of 2.3%. Owens Corning's dividend payout ratio (DPR) is currently -47.81%.

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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