Corebridge Financial Inc. Sells 5,743 Shares of Owens Corning (NYSE:OC)

Corebridge Financial Inc. trimmed its stake in Owens Corning (NYSE:OC) by 5.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 97,071 shares of the construction company’s stock after selling 5,743 shares during the period. Corebridge Financial Inc.’s holdings in Owens Corning were worth $16,533,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. FPC Investment Advisory Inc. purchased a new stake in shares of Owens Corning in the fourth quarter valued at approximately $28,000. Venturi Wealth Management LLC grew its position in shares of Owens Corning by 55.8% during the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock worth $30,000 after buying an additional 63 shares in the last quarter. Global Trust Asset Management LLC purchased a new position in shares of Owens Corning during the fourth quarter valued at $31,000. Wilmington Savings Fund Society FSB raised its holdings in shares of Owens Corning by 193.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock valued at $32,000 after acquiring an additional 122 shares in the last quarter. Finally, Whipplewood Advisors LLC purchased a new stake in Owens Corning in the fourth quarter worth about $34,000. 88.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OC has been the topic of a number of research reports. Citigroup cut their target price 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. Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price target on Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Finally, UBS Group dropped their price objective on Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $204.18.

Insider Buying and Selling

In related news, insider Monaco Nicolas Del sold 1,750 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the transaction, the insider now owns 11,635 shares of the company’s stock, valued at $2,140,490.95. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.89% of the company’s stock.

Owens Corning Price Performance

Shares of NYSE OC opened at $151.21 on Tuesday. Owens Corning has a fifty-two week low of $137.50 and a fifty-two week high of $214.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The company has a market cap of $12.93 billion, a PE ratio of 12.87, a P/E/G ratio of 1.88 and a beta of 1.52. The business has a 50-day simple moving average of $167.19 and a two-hundred day simple moving average of $176.71.

Owens Corning (NYSE:OC) last released its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $2.87 by $0.35. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.21 EPS. As a group, equities analysts expect 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 paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning’s payout ratio is 37.70%.

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.