Retirement Systems of Alabama Reduces Holdings in Owens Corning (NYSE:OC)

Retirement Systems of Alabama trimmed its stake in Owens Corning (NYSE:OC) by 0.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 195,356 shares of the construction company’s stock after selling 1,316 shares during the period. Retirement Systems of Alabama owned 0.23% of Owens Corning worth $33,273,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its position in Owens Corning by 113.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after acquiring an additional 424,786 shares during the period. Pacer Advisors Inc. lifted its position in Owens Corning by 16.4% during the 3rd quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock valued at $327,286,000 after acquiring an additional 261,564 shares during the period. Goldentree Asset Management LP purchased a new position in Owens Corning during the 3rd quarter valued at about $43,559,000. Nordea Investment Management AB lifted its position in Owens Corning by 12.5% during the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after acquiring an additional 238,694 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in Owens Corning by 31.6% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock valued at $145,455,000 after purchasing an additional 197,667 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Owens Corning

In other news, insider Gunner Smith sold 17,450 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the completion of the sale, the insider now directly owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Owens Corning Stock Performance

Shares of NYSE OC opened at $182.10 on Thursday. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a 12-month low of $138.70 and a 12-month high of $214.53. The firm has a market capitalization of $15.62 billion, a price-to-earnings ratio of 15.50, a price-to-earnings-growth ratio of 2.02 and a beta of 1.46. The firm has a 50 day moving average of $182.97 and a 200 day moving average of $178.69.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping the consensus estimate of $4.05 by $0.33. The firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning’s revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the business posted $4.15 EPS. On average, research analysts anticipate that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Monday, January 6th were given a $0.69 dividend. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date was Monday, January 6th. This represents a $2.76 dividend on an annualized basis and a yield of 1.52%. Owens Corning’s dividend payout ratio is presently 23.49%.

Analyst Ratings Changes

A number of analysts have weighed in on OC shares. Citigroup reduced their price objective on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research note on Monday, January 6th. The Goldman Sachs Group raised their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Royal Bank of Canada raised their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Loop Capital reduced their price objective on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Finally, Evercore ISI raised their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $201.75.

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.