Allstate Corp Makes New Investment in Owens Corning (NYSE:OC)

Allstate Corp bought a new position in shares of Owens Corning (NYSE:OC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,498 shares of the construction company's stock, valued at approximately $425,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. denkapparat Operations GmbH acquired a new position in Owens Corning in the fourth quarter valued at $220,000. Orion Portfolio Solutions LLC increased its position in Owens Corning by 0.5% in the 4th quarter. Orion Portfolio Solutions LLC now owns 21,262 shares of the construction company's stock valued at $3,621,000 after acquiring an additional 107 shares during the period. Pictet Asset Management Holding SA increased its position in Owens Corning by 4.4% in the 4th quarter. Pictet Asset Management Holding SA now owns 138,592 shares of the construction company's stock valued at $23,605,000 after acquiring an additional 5,826 shares during the period. Triodos Investment Management BV raised its stake in Owens Corning by 12.9% during the 4th quarter. Triodos Investment Management BV now owns 140,000 shares of the construction company's stock valued at $23,845,000 after acquiring an additional 16,000 shares during the last quarter. Finally, Norges Bank acquired a new stake in Owens Corning during the 4th quarter worth approximately $208,519,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on OC shares. Wells Fargo & Company cut their price target on Owens Corning from $225.00 to $200.00 and set an "overweight" rating for the company in a research note on Tuesday, February 25th. Royal Bank of Canada restated an "outperform" rating and set a $212.00 price objective on shares of Owens Corning in a research report on Monday, March 17th. Loop Capital lowered their target price on shares of Owens Corning from $215.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, January 10th. Barclays cut their price target on shares of Owens Corning from $245.00 to $215.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. Finally, Citigroup dropped their target price on Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, Owens Corning has an average rating of "Moderate Buy" and a consensus price target of $202.42.

Remove Ads

Insider Buying and Selling

In related news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the sale, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.82% of the company's stock.

Owens Corning Price Performance

OC traded down $4.60 during trading on Monday, reaching $129.54. 1,417,608 shares of the stock were exchanged, compared to its average volume of 789,469. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The company has a market capitalization of $11.08 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 1.88 and a beta of 1.39. Owens Corning has a 1 year low of $126.15 and a 1 year high of $214.53. The business's 50 day moving average price is $158.84 and its two-hundred day moving average price is $175.12.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping the consensus estimate of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the previous year, the firm earned $3.21 EPS. The business's revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.13%. Owens Corning's dividend payout ratio (DPR) is 37.70%.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.