HighTower Advisors LLC Reduces Stock Position in Owens Corning (NYSE:OC)

HighTower Advisors LLC reduced its position in shares of Owens Corning (NYSE:OC - Free Report) by 13.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,466 shares of the construction company's stock after selling 1,818 shares during the period. HighTower Advisors LLC's holdings in Owens Corning were worth $1,953,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Truist Financial Corp lifted its stake in Owens Corning by 4.0% in the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock valued at $2,732,000 after acquiring an additional 624 shares during the last quarter. Alpha DNA Investment Management LLC raised its stake in Owens Corning by 147.4% during the 3rd quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company's stock valued at $754,000 after purchasing an additional 2,544 shares during the last quarter. Janus Henderson Group PLC grew its position in Owens Corning by 3.1% during the third quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company's stock worth $1,189,000 after buying an additional 200 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Owens Corning by 88.9% in the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock valued at $66,777,000 after purchasing an additional 184,552 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its position in shares of Owens Corning by 53.3% during the 3rd quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company's stock valued at $832,000 after acquiring an additional 1,643 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

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Owens Corning Price Performance

Shares of OC traded down $0.45 during midday trading on Thursday, hitting $147.25. 602,356 shares of the company traded hands, compared to its average volume of 968,007. Owens Corning has a one year low of $137.50 and a one year high of $214.53. The firm has a market cap of $12.60 billion, a P/E ratio of 12.53, a PEG ratio of 1.88 and a beta of 1.52. 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 stock has a 50-day moving average of $166.07 and a 200-day moving average of $176.45.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.35. The firm had revenue of $2.84 billion for the quarter, compared to analysts' expectations of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company's revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the firm posted $3.21 EPS. As a group, sell-side analysts predict that Owens Corning will post 15.49 EPS for the current fiscal 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 issued a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.87%. Owens Corning's payout ratio is 37.70%.

Insider Activity

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total value of $321,947.50. Following the transaction, the insider now directly owns 11,635 shares of the company's stock, valued at $2,140,490.95. The trade was a 13.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.89% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

OC has been the topic of a number of research analyst reports. Barclays decreased their price objective on shares of Owens Corning from $245.00 to $215.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. StockNews.com cut Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. dropped their price target on Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Wells Fargo & Company cut their price target on shares of Owens Corning from $225.00 to $200.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 25th. Finally, Benchmark reissued a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $204.18.

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.