State of New Jersey Common Pension Fund D Sells 3,270 Shares of Owens Corning Inc $OC

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Owens Corning Inc by 10.8%, now owning 26,975 shares valued at around $3.85 million.
• Owens Corning recently reported quarterly earnings of $4.21 per share, surpassing analyst expectations of $3.80 and reflecting a 10% increase in revenue year-over-year.
• The firm announced a quarterly dividend of $0.69 per share, representing a 1.8% dividend yield and a dividend payout ratio of 71.69%.

State of New Jersey Common Pension Fund D lessened its stake in Owens Corning Inc (NYSE:OC - Free Report) by 10.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,975 shares of the construction company's stock after selling 3,270 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Owens Corning were worth $3,853,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Owens Corning by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after acquiring an additional 1,053,855 shares in the last quarter. LSV Asset Management increased its position in Owens Corning by 1.9% in the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock valued at $210,812,000 after acquiring an additional 27,185 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after acquiring an additional 414,770 shares in the last quarter. Northern Trust Corp increased its position in Owens Corning by 27.4% in the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock valued at $164,335,000 after acquiring an additional 207,677 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Owens Corning by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock valued at $123,634,000 after acquiring an additional 5,819 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Trading Up 4.8%

Owens Corning stock traded up $7.1850 during midday trading on Friday, hitting $155.6950. 2,137,163 shares of the stock were exchanged, compared to its average volume of 838,952. The company has a fifty day simple moving average of $142.97 and a two-hundred day simple moving average of $145.04. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53. The stock has a market capitalization of $13.02 billion, a PE ratio of 40.44, a P/E/G ratio of 10.61 and a beta of 1.32. 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. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the firm earned $4.64 EPS. Owens Corning's quarterly revenue was up 10.0% compared to the same quarter last year. Equities research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning declared that its Board of Directors has authorized a share buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were paid a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.8%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Analyst Ratings Changes

OC has been the subject of several research reports. Wells Fargo & Company raised their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Loop Capital lowered their price target on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Evercore ISI lifted their price target on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Finally, UBS Group lowered their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $184.60.

About Owens Corning

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.