Federated Hermes Inc. Has $78.68 Million Stock Position in Owens Corning (NYSE:OC)

Federated Hermes Inc. lifted its position in shares of Owens Corning (NYSE:OC) by 11.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 530,802 shares of the construction company’s stock after buying an additional 55,263 shares during the quarter. Federated Hermes Inc. owned about 0.60% of Owens Corning worth $78,681,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Contravisory Investment Management Inc. acquired a new position in Owens Corning in the fourth quarter valued at about $27,000. Bruce G. Allen Investments LLC acquired a new position in Owens Corning in the fourth quarter valued at about $27,000. Financial Management Professionals Inc. acquired a new position in Owens Corning in the third quarter valued at about $29,000. First Capital Advisors Group LLC. acquired a new position in Owens Corning in the second quarter valued at about $31,000. Finally, IFP Advisors Inc raised its stake in Owens Corning by 78.1% during the second quarter. IFP Advisors Inc now owns 244 shares of the construction company’s stock worth $32,000 after acquiring an additional 107 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $160.46 on Friday. The business’s 50-day moving average price is $157.46 and its two-hundred day moving average price is $144.96. Owens Corning has a twelve month low of $98.02 and a twelve month high of $173.65. The stock has a market cap of $13.96 billion, a P/E ratio of 12.23, a PEG ratio of 0.28 and a beta of 1.47. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.50.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $3.21 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.39. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter last year, the firm posted $2.49 EPS. The company’s revenue was up .8% compared to the same quarter last year. As a group, equities analysts predict that Owens Corning will post 13.77 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Monday, March 4th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.50%. Owens Corning’s dividend payout ratio is 18.29%.

Insider Activity at Owens Corning

In related news, CEO Brian Chambers sold 9,100 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the transaction, the chief executive officer now directly owns 269,696 shares of the company’s stock, valued at approximately $41,417,214.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Gunner Smith sold 7,442 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $148.99, for a total transaction of $1,108,783.58. Following the transaction, the insider now directly owns 36,140 shares in the company, valued at approximately $5,384,498.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Brian Chambers sold 9,100 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the transaction, the chief executive officer now owns 269,696 shares in the company, valued at $41,417,214.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,672 shares of company stock valued at $3,325,799. Corporate insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on OC shares. Truist Financial boosted their target price on Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a research note on Thursday, February 15th. Royal Bank of Canada lowered their target price on Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. UBS Group reduced their price target on Owens Corning from $175.00 to $169.00 and set a “buy” rating on the stock in a report on Thursday, February 15th. JPMorgan Chase & Co. reduced their price target on Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a report on Tuesday, February 20th. Finally, Barclays cut Owens Corning from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $170.00 to $160.00 in a report on Monday, February 12th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.14.

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.