Teacher Retirement System of Texas Sells 46,096 Shares of Owens Corning (NYSE:OC)

Teacher Retirement System of Texas reduced its position in shares of Owens Corning (NYSE:OC - Free Report) by 50.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,073 shares of the construction company's stock after selling 46,096 shares during the period. Teacher Retirement System of Texas owned about 0.05% of Owens Corning worth $7,847,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company's stock worth $140,818,000 after acquiring an additional 424,786 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Owens Corning during the fourth quarter valued at $51,220,000. Goldentree Asset Management LP acquired a new stake in shares of Owens Corning in the 3rd quarter worth about $43,559,000. Nordea Investment Management AB boosted its stake in Owens Corning by 12.5% during the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company's stock valued at $366,166,000 after purchasing an additional 238,694 shares during the period. Finally, LGT Group Foundation bought a new stake in shares of Owens Corning during the fourth quarter valued at approximately $39,054,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on OC shares. Royal Bank of Canada reaffirmed an "outperform" rating and set a $212.00 target price on shares of Owens Corning in a research note on Monday, March 17th. StockNews.com lowered shares of Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. UBS Group dropped their price target on shares of Owens Corning from $245.00 to $235.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. Wells Fargo & Company cut their price objective on Owens Corning from $225.00 to $200.00 and set an "overweight" rating for the company in a report on Tuesday, February 25th. Finally, Loop Capital lowered their target price on Owens Corning from $215.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, January 10th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and an average target price of $204.18.

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Owens Corning Stock Performance

Shares of Owens Corning stock traded down $1.09 during midday trading on Tuesday, hitting $150.09. The company had a trading volume of 244,384 shares, compared to its average volume of 743,323. Owens Corning has a 1-year low of $137.50 and a 1-year high of $214.53. The business's 50 day simple moving average is $167.19 and its two-hundred day simple moving average is $176.71. The stock has a market cap of $12.84 billion, a PE ratio of 12.79, a P/E/G 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.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating 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 business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the prior year, the business earned $3.21 earnings per share. The firm's revenue for the quarter was up 23.3% on a year-over-year basis. As a group, equities analysts predict that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Monday, March 10th. Owens Corning's dividend payout ratio is presently 37.70%.

Insider Buying and Selling

In other news, 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 value of $321,947.50. Following the sale, the insider now directly owns 11,635 shares in the company, valued at approximately $2,140,490.95. This 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. 0.89% of the stock is owned by company insiders.

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.