State Board of Administration of Florida Retirement System Sells 9,123 Shares of Owens Corning (NYSE:OC)

State Board of Administration of Florida Retirement System decreased its position in shares of Owens Corning (NYSE:OC) by 7.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 112,356 shares of the construction company’s stock after selling 9,123 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.12% of Owens Corning worth $10,764,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of OC. Sigma Planning Corp lifted its stake in Owens Corning by 4.3% in the first quarter. Sigma Planning Corp now owns 3,543 shares of the construction company’s stock valued at $339,000 after buying an additional 145 shares in the last quarter. Banque Pictet & Cie SA raised its holdings in shares of Owens Corning by 99.1% in the first quarter. Banque Pictet & Cie SA now owns 13,595 shares of the construction company’s stock valued at $1,302,000 after purchasing an additional 6,768 shares during the last quarter. Prime Capital Investment Advisors LLC acquired a new stake in shares of Owens Corning in the first quarter valued at approximately $232,000. Clearstead Advisors LLC raised its holdings in shares of Owens Corning by 13.0% in the first quarter. Clearstead Advisors LLC now owns 3,485 shares of the construction company’s stock valued at $334,000 after purchasing an additional 400 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Owens Corning in the first quarter valued at approximately $265,000. Institutional investors own 90.22% of the company’s stock.

Insider Activity

In other news, Director W Howard Morris sold 1,033 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $141.63, for a total value of $146,303.79. Following the completion of the sale, the director now owns 40,889 shares of the company’s stock, valued at $5,791,109.07. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director W Howard Morris sold 1,033 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $141.63, for a total transaction of $146,303.79. Following the completion of the sale, the director now owns 40,889 shares of the company’s stock, valued at $5,791,109.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd W. Fister sold 5,375 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $136.23, for a total transaction of $732,236.25. Following the sale, the insider now directly owns 26,067 shares of the company’s stock, valued at approximately $3,551,107.41. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by company insiders.

Owens Corning Price Performance

NYSE:OC opened at $136.79 on Monday. Owens Corning has a one year low of $74.22 and a one year high of $147.00. The company has a market cap of $12.29 billion, a P/E ratio of 9.69, a P/E/G ratio of 1.31 and a beta of 1.49. The firm’s fifty day moving average price is $138.57 and its two-hundred day moving average price is $118.04. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.07 and a quick ratio of 1.37.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, July 26th. The construction company reported $4.22 EPS for the quarter, beating the consensus estimate of $3.25 by $0.97. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. Owens Corning had a net margin of 13.62% and a return on equity of 25.59%. The company’s quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the company earned $3.83 earnings per share. Equities analysts expect that Owens Corning will post 13.6 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 3rd. Stockholders of record on Monday, October 16th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.52%. Owens Corning’s payout ratio is presently 14.74%.

Analyst Upgrades and Downgrades

OC has been the topic of a number of recent research reports. The Goldman Sachs Group upgraded shares of Owens Corning from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $113.00 to $150.00 in a report on Thursday, September 7th. Citigroup lifted their price objective on shares of Owens Corning from $132.00 to $134.00 and gave the company a “neutral” rating in a report on Monday, July 24th. Barclays lifted their price objective on shares of Owens Corning from $161.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. StockNews.com downgraded shares of Owens Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, August 28th. Finally, Truist Financial boosted their target price on shares of Owens Corning from $105.00 to $135.00 in a report on Thursday, July 6th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and a consensus price target of $141.57.

Owens Corning Profile

Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.