Systematic Financial Management LP Trims Holdings in Owens Corning Inc $OC

Systematic Financial Management LP lowered its holdings in shares of Owens Corning Inc (NYSE:OC) by 2.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 239,548 shares of the construction company’s stock after selling 4,889 shares during the period. Systematic Financial Management LP’s holdings in Owens Corning were worth $25,924,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Owens Corning during the fourth quarter worth about $29,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Owens Corning during the first quarter worth about $30,000. Measured Wealth Private Client Group LLC acquired a new position in Owens Corning in the 3rd quarter valued at about $42,000. Harbour Investments Inc. increased its position in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after acquiring an additional 129 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Owens Corning during the 4th quarter valued at approximately $37,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of NYSE:OC opened at $139.00 on Friday. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a 50-day moving average price of $130.69 and a 200 day moving average price of $123.26. The company has a market cap of $11.19 billion, a P/E ratio of -21.03, a PEG ratio of 2.71 and a beta of 1.30. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC) last released its 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 company had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.97 EPS. Research analysts predict that Owens Corning Inc will post 9.55 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently declared 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. The ex-dividend date is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.3%. Owens Corning’s payout ratio is -47.81%.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was 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 of the company’s stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the sale, the vice president owned 3,093 shares in the company, valued at $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.92% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OC. Evercore reaffirmed an “outperform” rating and set a $193.00 price objective on shares of Owens Corning in a research report on Thursday. Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft increased their price target on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Truist Financial lifted their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, May 7th. Finally, The Goldman Sachs Group boosted their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $157.92.

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.