Skylands Capital LLC Sells 7,525 Shares of Owens Corning Inc $OC

Skylands Capital LLC trimmed its holdings in shares of Owens Corning Inc (NYSE:OC) by 6.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 106,915 shares of the construction company’s stock after selling 7,525 shares during the quarter. Owens Corning accounts for approximately 1.6% of Skylands Capital LLC’s investment portfolio, making the stock its 17th largest holding. Skylands Capital LLC’s holdings in Owens Corning were worth $12,481,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in OC. BlackRock Inc. purchased a new stake in shares of Owens Corning during the second quarter valued at $1,401,161,000. Nykredit A S bought a new position in shares of Owens Corning in the second quarter worth about $166,083,000. Allspring Global Investments Holdings LLC increased its stake in Owens Corning by 721.9% in 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 buying an additional 1,027,800 shares during the period. Bank of America Corp DE purchased a new position in Owens Corning in the 2nd quarter worth about $133,685,000. Finally, Sound Shore Management Inc. CT purchased a new position in Owens Corning in the 1st quarter worth about $64,102,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $112.15 on Thursday. The firm has a market cap of $8.87 billion, a P/E ratio of -13.91, a P/E/G ratio of 2.59 and a beta of 1.32. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The stock’s fifty day moving average price is $128.93 and its 200-day moving average price is $129.43.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the previous year, the company posted $4.21 earnings per share. The firm’s quarterly revenue was up .3% on a year-over-year basis. On average, equities research analysts expect that Owens Corning Inc will post 9.59 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Monday, October 19th will be given a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, October 19th. This represents a $3.16 dividend on an annualized basis and a yield of 2.8%. Owens Corning’s dividend payout ratio (DPR) is -39.21%.

Insider Buying and Selling

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the sale, the insider owned 21,449 shares in the company, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 brokerages recently weighed in on OC. Citigroup lifted their price objective on shares of Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a report on Friday, August 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, September 21st. Barclays reduced their target price on shares of Owens Corning from $177.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 6th. Truist Financial reduced their target price on shares of Owens Corning from $140.00 to $115.00 and set a “hold” rating on the stock in a research report on Thursday, October 8th. Finally, DA Davidson set a $143.00 price target on shares of Owens Corning in a research note on Friday, October 9th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $141.57.

Owens Corning Company Profile

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.