Russell Investments Group Ltd. Has $26.53 Million Stock Holdings in Owens Corning Inc $OC

Key Points

• Russell Investments trimmed its stake in Owens Corning by 8.4% in Q3, selling 17,095 shares and leaving it with 187,535 shares worth about $26.53 million (≈0.23% of the company).
• Owens Corning missed estimates for the quarter—EPS $1.10 vs. $1.36 expected and revenue $2.14B vs. $2.17B—sending the stock lower; revenue fell 16.8% year-over-year and net margin was -5.17%.
• The company declared a quarterly $0.79 dividend (annualized $3.16, ~3.1% yield; ex-dividend March 9), while analysts hold a consensus rating of Moderate Buy with a $151.58 average price target.

Russell Investments Group Ltd. trimmed its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 8.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 187,535 shares of the construction company's stock after selling 17,095 shares during the period. Russell Investments Group Ltd. owned approximately 0.23% of Owens Corning worth $26,527,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in OC. Ossiam raised its position in Owens Corning by 5.9% in the second quarter. Ossiam now owns 1,254 shares of the construction company's stock worth $172,000 after purchasing an additional 70 shares in the last quarter. Pitcairn Co. boosted its stake in Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock valued at $250,000 after buying an additional 80 shares in the last quarter. Archer Investment Corp grew its position in Owens Corning by 13.3% in the third quarter. Archer Investment Corp now owns 748 shares of the construction company's stock valued at $106,000 after acquiring an additional 88 shares during the period. Brown Advisory Inc. grew its position in Owens Corning by 0.8% in the second quarter. Brown Advisory Inc. now owns 11,847 shares of the construction company's stock valued at $1,629,000 after acquiring an additional 96 shares during the period. Finally, Park Avenue Securities LLC raised its stake in Owens Corning by 7.2% during the third quarter. Park Avenue Securities LLC now owns 1,652 shares of the construction company's stock worth $234,000 after acquiring an additional 111 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OC. Argus upgraded shares of Owens Corning to a "strong-buy" rating in a research note on Wednesday, January 14th. UBS Group lifted their price target on shares of Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Citigroup decreased their price objective on shares of Owens Corning from $137.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, January 8th. Royal Bank Of Canada set a $143.00 price objective on shares of Owens Corning in a report on Friday, January 9th. Finally, Barclays lifted their price target on Owens Corning from $130.00 to $138.00 and gave the company an "overweight" rating in a report on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $151.58.

Owens Corning Trading Down 4.1%

OC opened at $102.89 on Friday. The stock has a market capitalization of $8.27 billion, a P/E ratio of -16.08, a P/E/G ratio of 1.74 and a beta of 1.35. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The firm's fifty day simple moving average is $123.03 and its 200 day simple moving average is $125.15.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.36 by ($0.26). The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The business's revenue for the quarter was down 16.8% compared to the same quarter last year. During the same period in the prior year, the business earned $3.22 EPS. As a group, research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 9th will be paid a $0.79 dividend. The ex-dividend date is Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 3.1%. Owens Corning's payout ratio is presently -49.38%.

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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