Allspring Global Investments Holdings LLC Raises Holdings in Owens Corning (NYSE:OC)

Allspring Global Investments Holdings LLC lifted its position in shares of Owens Corning (NYSE:OC - Free Report) by 26.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 146,724 shares of the construction company's stock after purchasing an additional 30,815 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.17% of Owens Corning worth $21,749,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC grew its stake in shares of Owens Corning by 97.3% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 22,798 shares of the construction company's stock worth $3,110,000 after acquiring an additional 11,241 shares during the period. Contravisory Investment Management Inc. bought a new stake in shares of Owens Corning during the 4th quarter valued at about $27,000. New York Life Investment Management LLC boosted its position in shares of Owens Corning by 101.7% during the 3rd quarter. New York Life Investment Management LLC now owns 9,969 shares of the construction company's stock valued at $1,360,000 after acquiring an additional 5,026 shares during the last quarter. Cambria Investment Management L.P. lifted its position in Owens Corning by 7.5% in the 3rd quarter. Cambria Investment Management L.P. now owns 84,448 shares of the construction company's stock worth $11,520,000 after buying an additional 5,877 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in Owens Corning in the 3rd quarter worth approximately $1,186,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on OC shares. Royal Bank of Canada dropped their target price on Owens Corning from $183.00 to $175.00 and set an "outperform" rating for the company in a research report on Thursday, February 15th. UBS Group decreased their price target on Owens Corning from $175.00 to $169.00 and set a "buy" rating on the stock in a research note on Thursday, February 15th. Evercore ISI cut Owens Corning from an "outperform" rating to an "in-line" rating and decreased their price target for the stock from $163.00 to $154.00 in a research note on Thursday, February 15th. Barclays cut Owens Corning from an "overweight" rating to an "equal weight" rating and reduced their target price for the company from $170.00 to $160.00 in a research note on Monday, February 12th. Finally, Truist Financial boosted their target price on Owens Corning from $115.00 to $145.00 and gave the company a "hold" rating in a research note 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 stock. According to data from MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $162.14.

Insiders Place Their Bets

In other Owens Corning news, CEO Brian Chambers sold 9,100 shares of the company's stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the sale, the chief executive officer now owns 269,696 shares in the company, valued at $41,417,214.72. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Owens Corning news, CEO Brian Chambers sold 9,100 shares of the company's stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the sale, the chief executive officer now owns 269,696 shares in the company, valued at $41,417,214.72. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Paula Russell sold 3,765 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total value of $609,930.00. Following the sale, the executive vice president now owns 20,419 shares of the company's stock, valued at approximately $3,307,878. The disclosure for this sale can be found here. Insiders sold a total of 21,672 shares of company stock worth $3,325,799 over the last quarter. 0.89% of the stock is currently owned by corporate insiders.

Owens Corning Stock Performance

Shares of NYSE:OC traded down $1.01 during midday trading on Friday, reaching $165.51. 507,698 shares of the company's stock traded hands, compared to its average volume of 566,962. The company has a market cap of $14.40 billion, a price-to-earnings ratio of 12.62, a P/E/G ratio of 0.29 and a beta of 1.47. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.69. Owens Corning has a one year low of $96.86 and a one year high of $173.65. The stock has a 50 day moving average of $156.93 and a 200 day moving average of $144.36.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, February 14th. The construction company reported $3.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.39. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the prior year, the company posted $2.49 earnings per share. The company's quarterly revenue was up .8% on a year-over-year basis. As a group, equities research analysts anticipate that Owens Corning will post 13.77 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning's payout ratio is 18.29%.

Owens Corning Profile

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.