State of Wyoming Has $975,000 Stake in Owens Corning Inc $OC

State of Wyoming grew its position in Owens Corning Inc (NYSE:OC) by 82.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,010 shares of the construction company’s stock after purchasing an additional 4,077 shares during the period. State of Wyoming’s holdings in Owens Corning were worth $975,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its position in Owens Corning by 460.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after buying an additional 1,078,877 shares during the last quarter. Norges Bank acquired a new position in Owens Corning during the 4th quarter worth approximately $119,748,000. Allspring Global Investments Holdings LLC grew its stake in shares of Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after acquiring an additional 1,027,800 shares in the last quarter. Gendell Jeffrey L grew its stake in shares of Owens Corning by 349.3% during the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock worth $103,188,000 after acquiring an additional 716,839 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Owens Corning by 33.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock valued at $288,332,000 after purchasing an additional 645,773 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

NYSE:OC opened at $139.99 on Thursday. The stock has a market capitalization of $11.27 billion, a PE ratio of -21.18, a P/E/G ratio of 2.72 and a beta of 1.30. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91. The firm has a fifty day simple moving average of $130.33 and a 200 day simple moving average of $123.08. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.21. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.97 earnings per share. On average, research analysts expect that Owens Corning Inc will post 9.55 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be paid a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.3%. The ex-dividend date is Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is -47.81%.

Insider Transactions at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the transaction, the vice president owned 3,093 shares in the company, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. Royal Bank Of Canada lifted their price target on shares of Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research note on Friday, July 10th. Truist Financial boosted their price target on shares of Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, May 7th. Bank of America reduced their price objective on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, Barclays raised their price objective on Owens Corning from $144.00 to $170.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and an average price target of $157.50.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.