abrdn plc Buys 9,496 Shares of Owens Corning (NYSE:OC)

abrdn plc boosted its position in Owens Corning (NYSE:OC) by 2.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 348,850 shares of the construction company’s stock after buying an additional 9,496 shares during the period. abrdn plc owned approximately 0.40% of Owens Corning worth $61,579,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. increased its holdings in shares of Owens Corning by 38.9% during the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after acquiring an additional 446,073 shares in the last quarter. Nordea Investment Management AB grew its position in Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after purchasing an additional 533,910 shares during the period. Point72 Asset Management L.P. increased its stake in Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after purchasing an additional 464,981 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its holdings in Owens Corning by 6.4% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock worth $124,506,000 after buying an additional 43,180 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its stake in shares of Owens Corning by 2.2% in the second quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock valued at $102,665,000 after buying an additional 12,707 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Performance

NYSE OC opened at $181.13 on Wednesday. Owens Corning has a 52-week low of $111.57 and a 52-week high of $191.44. The company has a 50-day simple moving average of $173.33 and a 200 day simple moving average of $172.65. The company has a market capitalization of $15.75 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 2.23 and a beta of 1.41. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, beating the consensus estimate of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter in the prior year, the business earned $4.22 earnings per share. Owens Corning’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, research analysts predict that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date is Friday, October 18th. Owens Corning’s dividend payout ratio is currently 20.32%.

Wall Street Analysts Forecast Growth

OC has been the subject of several recent research reports. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $178.00 to $191.00 in a research report on Thursday, July 11th. Royal Bank of Canada boosted their price objective on Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Wells Fargo & Company upped their price target on Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Evercore ISI raised their price objective on Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a research note on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $187.77.

Insider Buying and Selling at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

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.