abrdn plc Increases Holdings in Owens Corning (NYSE:OC)

abrdn plc increased its stake in Owens Corning (NYSE:OC - Free Report) by 2.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 348,850 shares of the construction company's stock after acquiring an additional 9,496 shares during the period. abrdn plc owned approximately 0.40% of Owens Corning worth $61,579,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nisa Investment Advisors LLC boosted its holdings in Owens Corning by 132.5% in the third quarter. Nisa Investment Advisors LLC now owns 11,893 shares of the construction company's stock valued at $2,099,000 after purchasing an additional 6,778 shares during the period. State of Alaska Department of Revenue boosted its holdings in Owens Corning by 1.7% in the third quarter. State of Alaska Department of Revenue now owns 40,689 shares of the construction company's stock valued at $7,181,000 after purchasing an additional 685 shares during the period. First Bank & Trust boosted its holdings in Owens Corning by 2.0% in the third quarter. First Bank & Trust now owns 3,658 shares of the construction company's stock valued at $646,000 after purchasing an additional 73 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Owens Corning by 3.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,793 shares of the construction company's stock valued at $1,199,000 after buying an additional 211 shares in the last quarter. Finally, PFG Investments LLC raised its stake in Owens Corning by 3.9% in the third quarter. PFG Investments LLC now owns 1,828 shares of the construction company's stock valued at $323,000 after buying an additional 68 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of NYSE:OC traded up $1.81 during trading on Wednesday, hitting $182.77. 270,315 shares of the stock were exchanged, compared to its average volume of 676,862. The company has a fifty day moving average price of $173.33 and a two-hundred day moving average price of $172.65. The company has a market cap of $15.89 billion, a PE ratio of 15.34, a P/E/G ratio of 2.23 and a beta of 1.41. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. Owens Corning has a 12-month low of $112.32 and a 12-month high of $191.44.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same period in the previous year, the firm posted $4.22 EPS. The company's quarterly revenue was up 8.8% compared to the same quarter last year. On average, analysts forecast that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.31%. Owens Corning's dividend payout ratio is currently 20.32%.

Insider Buying and Selling

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the business's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Marcio A. Sandri sold 3,050 shares of the company's stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares in the company, valued at $10,222,100. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Marcio A. Sandri sold 3,051 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company's stock, valued at approximately $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OC. UBS Group raised their price target on Owens Corning from $192.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 7th. Barclays cut their price target on Owens Corning from $190.00 to $189.00 and set an "equal weight" rating on the stock in a research note on Friday, July 12th. Evercore ISI lifted their target price on Owens Corning from $175.00 to $189.00 and gave the stock an "in-line" rating in a research report on Wednesday, October 16th. Benchmark reiterated a "hold" rating on shares of Owens Corning in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company lifted their target price on Owens Corning from $165.00 to $175.00 and gave the stock an "equal weight" rating in a research report on Monday, October 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and a consensus target price of $187.77.

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.