Wedge Capital Management L L P NC Raises Stock Position in Owens Corning (NYSE:OC)

Wedge Capital Management L L P NC grew its holdings in Owens Corning (NYSE:OC) by 26.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 63,250 shares of the construction company’s stock after acquiring an additional 13,053 shares during the period. Wedge Capital Management L L P NC’s holdings in Owens Corning were worth $9,376,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. increased its stake in Owens Corning by 156.1% during the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock worth $202,932,000 after buying an additional 906,782 shares during the period. Pacer Advisors Inc. increased its position in shares of Owens Corning by 6,116.6% in the 4th quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock worth $123,415,000 after purchasing an additional 819,201 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Owens Corning by 1,602.4% in the 3rd quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock worth $64,868,000 after purchasing an additional 447,606 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Owens Corning by 226.1% in the 3rd quarter. Teacher Retirement System of Texas now owns 164,252 shares of the construction company’s stock worth $22,406,000 after purchasing an additional 113,890 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Owens Corning by 15.1% in the 4th quarter. Nordea Investment Management AB now owns 717,743 shares of the construction company’s stock worth $106,556,000 after purchasing an additional 94,185 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Up 1.9 %

NYSE OC opened at $167.56 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17. The company’s 50 day simple moving average is $158.41 and its 200 day simple moving average is $145.80. Owens Corning has a 12 month low of $98.02 and a 12 month high of $173.65. The company has a market capitalization of $14.58 billion, a P/E ratio of 12.77, a PEG ratio of 0.28 and a beta of 1.47.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.39. Owens Corning had a net margin of 12.36% and a return on equity of 25.88%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the firm earned $2.49 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. Equities research analysts expect that Owens Corning will post 13.92 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.43%. Owens Corning’s dividend payout ratio is currently 18.29%.

Analysts Set New Price Targets

Several research firms have recently commented on OC. Evercore ISI lowered shares of Owens Corning from an “outperform” rating to an “in-line” rating and decreased their price target for the company from $163.00 to $154.00 in a report on Thursday, February 15th. Truist Financial lifted their price target on shares of Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a report on Thursday, February 15th. Loop Capital boosted their target price on shares of Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Royal Bank of Canada reduced their target price on shares of Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Finally, Barclays lowered shares of Owens Corning from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $170.00 to $160.00 in a research note on Monday, February 12th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.14.

Insider Activity

In other news, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the sale, the executive vice president now owns 20,419 shares in the company, valued at $3,307,878. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Gunner Smith sold 708 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the transaction, the insider now directly owns 39,994 shares of the company’s stock, valued at $6,148,277.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now directly owns 20,419 shares of the company’s stock, valued at $3,307,878. The disclosure for this sale can be found here. Insiders have sold 21,672 shares of company stock worth $3,325,799 over the last 90 days. 0.90% of the stock is owned by company insiders.

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.