Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Position in Owens Corning (NYSE:OC)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Owens Corning (NYSE:OC - Free Report) by 14.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 732,890 shares of the construction company's stock after selling 124,648 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.82% of Owens Corning worth $108,636,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Contravisory Investment Management Inc. bought a new stake in shares of Owens Corning in the 4th quarter valued at about $27,000. Bruce G. Allen Investments LLC bought a new stake in shares of Owens Corning in the 4th quarter valued at about $27,000. Financial Management Professionals Inc. bought a new stake in shares of Owens Corning in the 3rd quarter valued at about $29,000. First Capital Advisors Group LLC. bought a new stake in shares of Owens Corning in the 2nd quarter valued at about $31,000. Finally, IFP Advisors Inc raised its holdings in shares of Owens Corning by 78.1% in 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 period. 88.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OC. UBS Group dropped their target price on shares of Owens Corning from $175.00 to $169.00 and set a "buy" rating on the stock in a report on Thursday, February 15th. Citigroup upped their price target on shares of Owens Corning from $150.00 to $169.00 and gave the company a "neutral" rating in a research note on Friday, April 5th. Evercore ISI lowered shares of Owens Corning from an "outperform" rating to an "in-line" rating and decreased their price target for the company from $163.00 to $154.00 in a research note on Thursday, February 15th. 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 note on Thursday, February 15th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Owens Corning from $164.00 to $163.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 20th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and an average target price of $162.14.

Insider Buying and Selling

In related news, EVP Paula Russell sold 3,765 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the transaction, the executive vice president now owns 20,419 shares of the company's stock, valued at approximately $3,307,878. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Brian Chambers sold 9,100 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 269,696 shares of the company's stock, valued at approximately $41,417,214.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Paula Russell sold 3,765 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares of the company's stock, valued at approximately $3,307,878. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,672 shares of company stock worth $3,325,799. Corporate insiders own 0.90% of the company's stock.

Owens Corning Stock Performance

Shares of NYSE:OC traded down $0.32 on Tuesday, reaching $163.54. 660,124 shares of the company's stock were exchanged, compared to its average volume of 666,118. The company has a fifty day moving average of $157.35 and a 200-day moving average of $144.72. Owens Corning has a twelve month low of $98.00 and a twelve month high of $173.65. The company has a market capitalization of $14.23 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 0.29 and a beta of 1.47. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50.

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

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Monday, March 4th were given a dividend of $0.60 per share. The ex-dividend date was Friday, March 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.47%. Owens Corning's dividend payout ratio is 18.29%.

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.