Owens Corning (NYSE:OC) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. decreased its holdings in Owens Corning (NYSE:OC) by 17.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 316,573 shares of the construction company’s stock after selling 66,487 shares during the quarter. Federated Hermes Inc. owned 0.37% of Owens Corning worth $54,995,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in OC. MV Capital Management Inc. boosted its position in Owens Corning by 112.9% during the first quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after acquiring an additional 79 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of Owens Corning in the first quarter valued at about $26,000. ST Germain D J Co. Inc. increased its position in Owens Corning by 794.1% during the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after purchasing an additional 135 shares during the last quarter. Riverview Trust Co purchased a new position in Owens Corning during the first quarter worth about $28,000. Finally, ORG Partners LLC acquired a new position in Owens Corning in the 1st quarter valued at about $31,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $187.00 price target on shares of Owens Corning in a research note on Monday, June 17th. Loop Capital raised their price objective on Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Jefferies Financial Group started coverage on shares of Owens Corning in a research report on Wednesday, May 22nd. They issued a “buy” rating and a $215.00 target price on the stock. Finally, Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and lifted their price target for the company from $178.00 to $191.00 in a research report on Thursday, July 11th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $184.23.

Owens Corning Stock Performance

Shares of OC stock opened at $165.58 on Friday. The firm has a fifty day moving average price of $167.41 and a 200 day moving average price of $168.62. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The company has a market cap of $14.40 billion, a P/E ratio of 13.41, a PEG ratio of 3.18 and a beta of 1.41. Owens Corning has a 12 month low of $109.95 and a 12 month high of $191.13.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.22 earnings per share. Sell-side analysts predict that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 15th were given a dividend of $0.60 per share. The ex-dividend date was Monday, July 15th. This represents a $2.40 dividend on an annualized basis and a yield of 1.45%. Owens Corning’s payout ratio is currently 19.43%.

Insider Activity

In related news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the sale, the chief financial officer now directly owns 31,626 shares in the company, valued at approximately $5,491,854.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.89% of the company’s stock.

Owens Corning Company 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.