IQ EQ FUND MANAGEMENT IRELAND Ltd Cuts Stake in Owens Corning (NYSE:OC)

IQ EQ FUND MANAGEMENT IRELAND Ltd lessened its holdings in shares of Owens Corning (NYSE:OC - Free Report) by 42.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,101 shares of the construction company's stock after selling 8,235 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Owens Corning were worth $1,891,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Truist Financial Corp boosted its stake in Owens Corning by 4.0% during the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock valued at $2,732,000 after purchasing an additional 624 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Owens Corning by 3.1% in the third quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company's stock worth $1,189,000 after purchasing an additional 200 shares during the last quarter. Principal Financial Group Inc. increased its position in Owens Corning by 88.9% during the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock valued at $66,777,000 after acquiring an additional 184,552 shares during the last quarter. Penserra Capital Management LLC boosted its position in Owens Corning by 53.3% in the third quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company's stock worth $832,000 after purchasing an additional 1,643 shares during the last quarter. Finally, Empower Advisory Group LLC grew its stake in shares of Owens Corning by 1.0% during the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company's stock valued at $87,212,000 after purchasing an additional 5,167 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

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Owens Corning Stock Up 0.4 %

OC stock traded up $0.64 on Tuesday, hitting $143.46. 125,986 shares of the company's stock were exchanged, compared to its average volume of 778,462. The firm has a 50 day moving average price of $163.83 and a two-hundred day moving average price of $176.26. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a 12-month low of $137.50 and a 12-month high of $214.53. The stock has a market cap of $12.27 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating analysts' consensus estimates of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. 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 prior year, the company earned $3.21 earnings per share. The company's revenue was up 23.3% on a year-over-year basis. As a group, equities research analysts expect 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 paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.92%. Owens Corning's payout ratio is currently 37.70%.

Insider Buying and Selling

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the business'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 value of $321,947.50. Following the completion of the transaction, the insider now directly owns 11,635 shares of the company's stock, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an "outperform" rating and issued a $212.00 price objective on shares of Owens Corning in a research note on Monday, March 17th. JPMorgan Chase & Co. dropped their price target on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Citigroup reduced their price objective on shares of Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. StockNews.com cut shares of Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, UBS Group cut their price objective on Owens Corning from $245.00 to $235.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $202.42.

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.