California Public Employees Retirement System Cuts Stake in Owens Corning (NYSE:OC)

California Public Employees Retirement System lowered its holdings in Owens Corning (NYSE:OC - Free Report) by 3.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 187,146 shares of the construction company's stock after selling 7,696 shares during the quarter. California Public Employees Retirement System owned 0.21% of Owens Corning worth $27,741,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. LSV Asset Management boosted its position in Owens Corning by 0.9% in the third quarter. LSV Asset Management now owns 2,256,436 shares of the construction company's stock valued at $307,800,000 after buying an additional 19,590 shares in the last quarter. Invesco Ltd. lifted its holdings in Owens Corning by 156.1% in the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company's stock valued at $202,932,000 after buying an additional 906,782 shares during the period. Northern Trust Corp lifted its holdings in Owens Corning by 4.9% in the third quarter. Northern Trust Corp now owns 1,014,106 shares of the construction company's stock valued at $138,334,000 after buying an additional 47,212 shares during the period. Pacer Advisors Inc. lifted its holdings in Owens Corning by 6,116.6% in the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company's stock valued at $123,415,000 after buying an additional 819,201 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in Owens Corning by 15.1% in the fourth quarter. Nordea Investment Management AB now owns 717,743 shares of the construction company's stock valued at $106,556,000 after buying an additional 94,185 shares during the period. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Up 2.1 %

Owens Corning stock traded up $3.46 during mid-day trading on Friday, reaching $168.50. The company's stock had a trading volume of 527,322 shares, compared to its average volume of 599,767. The company has a market capitalization of $14.60 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 7.12 and a beta of 1.47. Owens Corning has a 12 month low of $99.49 and a 12 month high of $173.65. The business's 50 day simple moving average is $159.88 and its 200 day simple moving average is $146.48. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.76.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, beating analysts' consensus estimates of $3.04 by $0.55. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The firm's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.77 earnings per share. As a group, research analysts anticipate that Owens Corning will post 14.74 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Friday, March 1st. Owens Corning's dividend payout ratio is currently 19.43%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of Owens Corning from $164.00 to $163.00 and set a "neutral" rating for the company in a research note on Tuesday, February 20th. Argus upped their target price on shares of Owens Corning from $175.00 to $182.00 and gave the company a "buy" rating in a research note on Thursday. Truist Financial upped their target price 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. Citigroup upped their target price 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. Finally, Barclays downgraded shares of Owens Corning from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $170.00 to $160.00 in a research report on Monday, February 12th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and an average price target of $168.21.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, CEO Brian Chambers sold 9,100 shares of the 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 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 filing with the SEC, which is accessible through this hyperlink. In other news, EVP Paula Russell sold 3,765 shares of the firm's stock in a transaction dated 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 sale, the executive vice president now owns 20,419 shares in the company, valued at approximately $3,307,878. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Brian Chambers sold 9,100 shares of the firm's stock in a transaction dated Thursday, February 1st. The stock was 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 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 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 insiders.

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.