National Bank of Canada FI Buys 8,610 Shares of Owens Corning (NYSE:OC)

Posted by Defense World Staff on Apr 9th, 2023

National Bank of Canada FI increased its position in Owens Corning (NYSE:OC – Get Rating) by 41.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,278 shares of the construction company’s stock after buying an additional 8,610 shares during the period. National Bank of Canada FI’s holdings in Owens Corning were worth $2,492,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Eagle Bay Advisors LLC acquired a new position in Owens Corning during the second quarter worth $45,000. Householder Group Estate & Retirement Specialist LLC acquired a new stake in shares of Owens Corning in the 3rd quarter worth about $52,000. Zions Bancorporation N.A. lifted its position in Owens Corning by 611.0% in the 1st quarter. Zions Bancorporation N.A. now owns 583 shares of the construction company’s stock valued at $53,000 after acquiring an additional 501 shares in the last quarter. Exos TFP Holdings LLC acquired a new position in Owens Corning during the 3rd quarter valued at about $55,000. Finally, Ronald Blue Trust Inc. increased its holdings in Owens Corning by 213.6% during the 4th quarter. Ronald Blue Trust Inc. now owns 715 shares of the construction company’s stock worth $56,000 after purchasing an additional 487 shares in the last quarter. 94.59% of the stock is owned by institutional investors.

Owens Corning Price Performance

Owens Corning stock opened at $93.51 on Friday. The business’s 50 day simple moving average is $96.38 and its 200 day simple moving average is $90.49. Owens Corning has a 12 month low of $72.97 and a 12 month high of $105.62. The company has a market cap of $8.49 billion, a price-to-earnings ratio of 7.37, a PEG ratio of 1.71 and a beta of 1.42. The company has a current ratio of 1.69, a quick ratio of 1.06 and a debt-to-equity ratio of 0.65.

Owens Corning (NYSE:OC – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The construction company reported $2.49 EPS for the quarter, beating analysts’ consensus estimates of $2.34 by $0.15. Owens Corning had a return on equity of 27.36% and a net margin of 12.71%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the firm earned $2.20 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Sell-side analysts forecast that Owens Corning will post 9.49 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 6th. Stockholders of record on Friday, March 3rd were paid a $0.52 dividend. The ex-dividend date was Thursday, March 2nd. This represents a $2.08 annualized dividend and a dividend yield of 2.22%. Owens Corning’s payout ratio is 16.40%.

Analysts Set New Price Targets

OC has been the topic of a number of recent research reports. StockNews.com lowered Owens Corning from a “strong-buy” rating to a “buy” rating in a report on Saturday. Benchmark lifted their price objective on shares of Owens Corning from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, February 21st. Loop Capital increased their target price on shares of Owens Corning from $102.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, February 16th. Credit Suisse Group boosted their price target on shares of Owens Corning from $90.00 to $95.00 and gave the stock a “neutral” rating in a report on Thursday, February 16th. Finally, Barclays decreased their price objective on shares of Owens Corning from $91.00 to $86.00 in a research note on Wednesday, December 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Owens Corning currently has a consensus rating of “Hold” and an average target price of $99.92.

Insider Activity

In related news, insider Todd W. Fister sold 2,505 shares of the firm’s stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $100.00, for a total value of $250,500.00. Following the completion of the transaction, the insider now directly owns 31,482 shares of the company’s stock, valued at approximately $3,148,200. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Todd W. Fister sold 2,505 shares of the business’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $100.00, for a total transaction of $250,500.00. Following the sale, the insider now directly owns 31,482 shares in the company, valued at approximately $3,148,200. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Paula Russell sold 2,000 shares of the firm’s stock in a transaction dated Friday, March 31st. The stock was sold at an average price of $95.00, for a total value of $190,000.00. Following the completion of the transaction, the executive vice president now owns 24,342 shares of the company’s stock, valued at approximately $2,312,490. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

About Owens Corning

(Get Rating)

Owens Corning engages in the development, manufacture, and marketing of insulation, roofing, and fiberglass composites. It operates through the following segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber, and includes vertically integrated downstream activities.