ABN Amro Investment Solutions Sells 9,471 Shares of Owens Corning Inc $OC

ABN Amro Investment Solutions lowered its stake in Owens Corning Inc (NYSE:OC) by 34.6% during the first quarter, Holdings Channel reports. The firm owned 17,898 shares of the construction company’s stock after selling 9,471 shares during the period. ABN Amro Investment Solutions’ holdings in Owens Corning were worth $1,937,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership grew its holdings in Owens Corning by 460.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after purchasing an additional 1,078,877 shares during the period. Norges Bank purchased a new stake in shares of Owens Corning in the fourth quarter worth $119,748,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 purchasing an additional 1,027,800 shares in the last quarter. Gendell Jeffrey L grew its holdings 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 valued at $103,188,000 after purchasing an additional 716,839 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Owens Corning by 33.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock worth $288,332,000 after purchasing an additional 645,773 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on OC. JPMorgan Chase & Co. upped their price target on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Wells Fargo & Company lifted their target price on Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Royal Bank Of Canada boosted their price objective on shares of Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a report on Friday, July 10th. Finally, Truist Financial upped their price objective on Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.92.

Insider Activity

In related news, VP Mari Doerfler sold 1,926 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the sale, the vice president directly owned 3,093 shares of the company’s stock, valued at $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Owens Corning Price Performance

Owens Corning stock opened at $142.41 on Friday. The company has a 50-day moving average price of $131.26 and a 200 day moving average price of $123.39. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The stock has a market cap of $11.47 billion, a P/E ratio of -21.55, a PEG ratio of 2.70 and a beta of 1.30. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.91.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same period in the previous year, the company posted $2.97 earnings per share. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. Sell-side analysts anticipate that Owens Corning Inc will post 9.55 earnings per share for the current 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. The ex-dividend date of this dividend is Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.2%. Owens Corning’s payout ratio is presently -47.81%.

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.