Owens Corning (NYSE:OC) Stock Position Decreased by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in shares of Owens Corning (NYSE:OC - Free Report) by 6.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 159,129 shares of the construction company's stock after selling 11,385 shares during the quarter. California Public Employees Retirement System owned approximately 0.19% of Owens Corning worth $27,103,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in OC. Stratos Wealth Partners LTD. grew its stake in Owens Corning by 4.3% in the fourth quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company's stock worth $221,000 after purchasing an additional 53 shares in the last quarter. Greenleaf Trust increased its holdings in shares of Owens Corning by 1.5% in the 4th quarter. Greenleaf Trust now owns 3,895 shares of the construction company's stock valued at $663,000 after acquiring an additional 56 shares during the last quarter. Retirement Guys Formula LLC raised its position in shares of Owens Corning by 3.1% during the 4th quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company's stock valued at $341,000 after acquiring an additional 60 shares in the last quarter. IFP Advisors Inc lifted its stake in Owens Corning by 35.6% during the fourth quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock worth $40,000 after purchasing an additional 62 shares during the last quarter. Finally, Parallel Advisors LLC boosted its holdings in Owens Corning by 2.5% in the fourth quarter. Parallel Advisors LLC now owns 2,578 shares of the construction company's stock worth $439,000 after purchasing an additional 62 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Insider Activity

In other news, insider Monaco Nicolas Del sold 1,750 shares of the firm's stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the transaction, 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 is accessible through this link. 0.82% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on OC shares. StockNews.com cut shares of Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. 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 report on Monday, January 6th. Barclays lowered their target price on Owens Corning from $215.00 to $179.00 and set an "overweight" rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price target on the stock. Finally, Benchmark restated a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $199.42.

Owens Corning Price Performance

OC stock traded down $3.67 during trading on Tuesday, hitting $126.11. The company had a trading volume of 1,012,092 shares, compared to its average volume of 791,722. The business has a 50 day moving average of $156.31 and a 200 day moving average of $174.44. The firm has a market capitalization of $10.79 billion, a price-to-earnings ratio of 10.73, a P/E/G ratio of 1.88 and a beta of 1.39. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a fifty-two week low of $124.33 and a fifty-two week high of $214.53.

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

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning's dividend payout ratio (DPR) is presently 37.70%.

Owens Corning Company 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.