Raymond James & Associates Trims Stake in Owens Corning (NYSE:OC)

Raymond James & Associates decreased its position in Owens Corning (NYSE:OC - Free Report) by 8.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,731 shares of the construction company's stock after selling 7,870 shares during the period. Raymond James & Associates owned approximately 0.09% of Owens Corning worth $12,411,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of OC. Contravisory Investment Management Inc. bought a new position in Owens Corning during the 4th quarter valued at about $27,000. Bruce G. Allen Investments LLC bought a new position in Owens Corning during the 4th quarter valued at about $27,000. Financial Management Professionals Inc. purchased a new stake in shares of Owens Corning during the 3rd quarter valued at about $29,000. First Capital Advisors Group LLC. purchased a new stake in shares of Owens Corning during the 2nd quarter valued at about $31,000. Finally, IFP Advisors Inc increased its position in shares of Owens Corning by 78.1% during the 2nd quarter. IFP Advisors Inc now owns 244 shares of the construction company's stock valued at $32,000 after purchasing an additional 107 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Insider Activity at Owens Corning

In other Owens Corning news, CEO Brian Chambers sold 9,100 shares of the firm's stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the sale, the chief executive officer now directly owns 269,696 shares in the company, valued at approximately $41,417,214.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Owens Corning news, insider Gunner Smith sold 7,442 shares of the firm's stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $148.99, for a total transaction of $1,108,783.58. Following the completion of the sale, the insider now owns 36,140 shares of the company's stock, valued at approximately $5,384,498.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Chambers sold 9,100 shares of the firm's stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total value of $1,397,487.00. Following the sale, the chief executive officer now directly owns 269,696 shares of the company's stock, valued at approximately $41,417,214.72. The disclosure for this sale can be found here. Insiders have sold 21,672 shares of company stock worth $3,325,799 in the last ninety days. Company insiders own 0.89% of the company's stock.

Owens Corning Stock Down 1.2 %

NYSE:OC traded down $2.05 during mid-day trading on Thursday, reaching $168.95. The stock had a trading volume of 677,072 shares, compared to its average volume of 686,083. Owens Corning has a fifty-two week low of $91.51 and a fifty-two week high of $173.11. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17. The business's 50 day moving average is $154.67 and its 200 day moving average is $142.69. The stock has a market cap of $14.70 billion, a P/E ratio of 13.12, a PEG ratio of 0.45 and a beta of 1.47.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, beating the consensus estimate of $2.82 by $0.39. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter last year, the company posted $2.49 earnings per share. The company's revenue for the quarter was up .8% compared to the same quarter last year. As a group, sell-side analysts predict that Owens Corning will post 14.08 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 4th. Investors of record on Monday, March 4th will be given a $0.60 dividend. The ex-dividend date is Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.42%. Owens Corning's dividend payout ratio is 18.29%.

Wall Street Analyst Weigh In

Several research firms have recently commented on OC. Truist Financial upped their price target on shares of Owens Corning from $115.00 to $145.00 and gave the company a "hold" rating in a research report on Thursday, February 15th. Loop Capital increased their target price on shares of Owens Corning from $167.00 to $188.00 and gave the stock a "buy" rating in a report on Monday. Royal Bank of Canada reduced their target price on shares of Owens Corning from $183.00 to $175.00 and set an "outperform" rating for the company in a report on Thursday, February 15th. Deutsche Bank Aktiengesellschaft upgraded Owens Corning from a "hold" rating to a "buy" rating and upped their price target for the stock from $130.00 to $180.00 in a research note on Friday, December 8th. Finally, UBS Group lowered their target price on Owens Corning from $175.00 to $169.00 and set a "buy" rating for the company in a research report on Thursday, February 15th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $159.64.

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.