VIRGINIA RETIREMENT SYSTEMS ET Al Takes $54.03 Million Position in Owens Corning Inc $OC

Key Points

• The Virginia Retirement Systems acquired approximately $54.03 million in shares of Owens Corning Inc, purchasing 392,885 shares during the second quarter.
• Owens Corning reported a quarterly EPS of $4.21, surpassing expectations, with a revenue of $2.75 billion for the quarter, reflecting a 10% increase year-over-year.
• The company announced a quarterly dividend of $0.69 per share, with a yield of 2.2% and a dividend payout ratio of 71.69%.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 392,885 shares of the construction company's stock, valued at approximately $54,030,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.46% of Owens Corning at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OC. Bangor Savings Bank purchased a new position in shares of Owens Corning during the second quarter worth about $28,000. Ameritas Advisory Services LLC purchased a new position in Owens Corning during the 2nd quarter worth approximately $42,000. Wayfinding Financial LLC acquired a new position in Owens Corning during the first quarter worth approximately $60,000. IFP Advisors Inc lifted its stake in Owens Corning by 76.0% in the second quarter. IFP Advisors Inc now owns 461 shares of the construction company's stock valued at $63,000 after buying an additional 199 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in Owens Corning by 61.7% in the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock valued at $69,000 after buying an additional 184 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Trading Up 0.6%

NYSE OC opened at $127.09 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $10.63 billion, a P/E ratio of 33.01, a P/E/G ratio of 9.22 and a beta of 1.32. Owens Corning Inc has a 52-week low of $123.23 and a 52-week high of $214.53. The firm has a 50-day moving average price of $144.84 and a 200 day moving average price of $141.27.

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

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a yield of 2.2%. Owens Corning's dividend payout ratio (DPR) is 71.69%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OC. Wells Fargo & Company raised their target price 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. Royal Bank Of Canada lowered their price objective 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. Zacks Research lowered shares of Owens Corning from a "hold" rating to a "strong sell" rating in a research note on Wednesday. Truist Financial decreased their target price on shares of Owens Corning from $165.00 to $135.00 and set a "hold" rating for the company in a research note on Thursday, October 9th. Finally, Evercore ISI dropped their price target on Owens Corning from $169.00 to $153.00 and set an "in-line" rating on the stock in a research report on Tuesday, October 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Owens Corning has an average rating of "Moderate Buy" and an average price target of $178.31.

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.

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