Asset Management One Co. Ltd. Has $3.84 Million Stock Position in Owens Corning (NYSE:OC)

Posted by Defense World Staff on May 2nd, 2023

Asset Management One Co. Ltd. lowered its stake in Owens Corning (NYSE:OC – Get Rating) by 24.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,139 shares of the construction company’s stock after selling 13,917 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Owens Corning were worth $3,838,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OC. SummerHaven Investment Management LLC increased its position in Owens Corning by 1.3% during the fourth quarter. SummerHaven Investment Management LLC now owns 9,488 shares of the construction company’s stock worth $809,000 after buying an additional 125 shares during the last quarter. Fifth Third Bancorp increased its position in Owens Corning by 42.3% during the fourth quarter. Fifth Third Bancorp now owns 552 shares of the construction company’s stock worth $47,000 after buying an additional 164 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in Owens Corning by 2.8% during the third quarter. Mercer Global Advisors Inc. ADV now owns 6,846 shares of the construction company’s stock worth $538,000 after buying an additional 189 shares during the last quarter. HighTower Advisors LLC boosted its holdings in shares of Owens Corning by 9.3% during the first quarter. HighTower Advisors LLC now owns 2,606 shares of the construction company’s stock worth $238,000 after acquiring an additional 221 shares during the period. Finally, Kestra Advisory Services LLC boosted its holdings in shares of Owens Corning by 2.4% during the fourth quarter. Kestra Advisory Services LLC now owns 9,523 shares of the construction company’s stock worth $812,000 after acquiring an additional 222 shares during the period. Institutional investors and hedge funds own 94.59% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Loop Capital boosted their price objective on Owens Corning from $102.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 16th. Truist Financial boosted their price objective on Owens Corning from $85.00 to $105.00 in a report on Friday, February 17th. Bank of America boosted their price objective on Owens Corning from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, April 19th. Deutsche Bank Aktiengesellschaft boosted their price objective on Owens Corning from $102.00 to $110.00 in a report on Monday. Finally, Credit Suisse Group boosted their price target on Owens Corning from $90.00 to $95.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $106.23.

Insider Transactions at Owens Corning

In other news, insider Todd W. Fister sold 2,505 shares of the company’s stock in a transaction on Monday, February 6th. The shares were sold at an average price of $100.00, for a total transaction of $250,500.00. Following the completion of the transaction, the insider now directly owns 31,482 shares in the company, valued at $3,148,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Todd W. Fister sold 2,505 shares of the company’s stock in a transaction on Monday, February 6th. The shares were sold at an average price of $100.00, for a total transaction of $250,500.00. Following the completion of the transaction, the insider now directly owns 31,482 shares in the company, valued at $3,148,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Marcio A. Sandri sold 8,000 shares of the company’s stock in a transaction on Tuesday, April 18th. The stock was sold at an average price of $100.00, for a total transaction of $800,000.00. Following the transaction, the insider now owns 62,962 shares of the company’s stock, valued at $6,296,200. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,505 shares of company stock worth $1,540,500. Corporate insiders own 0.89% of the company’s stock.

Owens Corning Stock Down 0.7 %

NYSE OC opened at $106.08 on Tuesday. The business has a fifty day moving average price of $96.65 and a two-hundred day moving average price of $92.69. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.86 and a quick ratio of 1.06. Owens Corning has a fifty-two week low of $72.97 and a fifty-two week high of $107.64. The stock has a market capitalization of $9.56 billion, a PE ratio of 7.68, a PEG ratio of 1.85 and a beta of 1.42.

Owens Corning (NYSE:OC – Get Rating) last released its earnings results on Wednesday, April 26th. The construction company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.22 by $0.55. Owens Corning had a return on equity of 26.06% and a net margin of 13.54%. The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.22 billion. During the same period in the prior year, the company earned $2.84 earnings per share. The company’s quarterly revenue was down 2.0% on a year-over-year basis. Equities analysts expect that Owens Corning will post 10.08 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 6th. Stockholders of record on Friday, March 3rd were issued a dividend of $0.52 per share. The ex-dividend date was Thursday, March 2nd. This represents a $2.08 annualized dividend and a dividend yield of 1.96%. Owens Corning’s dividend payout ratio (DPR) is presently 15.05%.

Owens Corning Profile

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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.