abrdn plc Has $57.21 Million Stock Position in Owens Corning (NYSE:OC)

abrdn plc trimmed its stake in shares of Owens Corning (NYSE:OC - Free Report) by 3.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 337,350 shares of the construction company's stock after selling 11,500 shares during the period. abrdn plc owned about 0.39% of Owens Corning worth $57,211,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of OC. Global Trust Asset Management LLC acquired a new position in shares of Owens Corning during the 4th quarter valued at $31,000. Brooklyn Investment Group acquired a new position in Owens Corning in the 3rd quarter worth $38,000. Tobam lifted its holdings in Owens Corning by 38.0% in the 3rd quarter. Tobam now owns 265 shares of the construction company's stock worth $47,000 after buying an additional 73 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Owens Corning by 88.1% in the 4th quarter. Versant Capital Management Inc now owns 380 shares of the construction company's stock worth $65,000 after buying an additional 178 shares in the last quarter. Finally, NBC Securities Inc. lifted its holdings in Owens Corning by 85.3% in the 3rd quarter. NBC Securities Inc. now owns 515 shares of the construction company's stock worth $90,000 after buying an additional 237 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of recent analyst reports. Wells Fargo & Company upgraded shares of Owens Corning from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $195.00 to $225.00 in a report on Tuesday, December 17th. UBS Group upped their target price on shares of Owens Corning from $197.00 to $218.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Citigroup cut their target price on shares of Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Loop Capital cut their target price on shares of Owens Corning from $215.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. Finally, The Goldman Sachs Group upped their target price on shares of Owens Corning from $178.00 to $198.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $201.75.

Insiders Place Their Bets

In other news, insider Gunner Smith sold 17,450 shares of the company's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the completion of the sale, the insider now directly owns 18,866 shares of the company's stock, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Monaco Nicolas Del sold 1,750 shares of the company's stock in a transaction that occurred on 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 directly owns 11,635 shares of the company's stock, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.

Owens Corning Stock Performance

Shares of NYSE:OC traded down $2.88 during trading on Friday, reaching $181.06. 547,466 shares of the company's stock traded hands, compared to its average volume of 684,998. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a 12 month low of $138.70 and a 12 month high of $214.53. The company has a 50 day moving average of $182.04 and a 200-day moving average of $178.74. The stock has a market capitalization of $15.53 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 2.01 and a beta of 1.46.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts' consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the prior year, the firm earned $4.15 EPS. The company's revenue for the quarter was up 22.9% compared to the same quarter last year. On average, equities analysts expect that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.52%. The ex-dividend date is Monday, March 10th. Owens Corning's dividend payout ratio (DPR) is 23.49%.

Owens Corning Profile

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.