IFM Investors Pty Ltd Sells 503 Shares of Owens Corning (NYSE:OC)

IFM Investors Pty Ltd trimmed its position in Owens Corning (NYSE:OC) by 1.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,717 shares of the construction company’s stock after selling 503 shares during the quarter. IFM Investors Pty Ltd’s holdings in Owens Corning were worth $4,456,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Invesco Ltd. boosted its position in shares of Owens Corning by 156.1% in the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after acquiring an additional 906,782 shares during the period. Pacer Advisors Inc. grew its position in 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. Norges Bank bought a new position in shares of Owens Corning during the 4th quarter worth about $118,251,000. Federated Hermes Inc. raised its position in shares of Owens Corning by 1,602.4% during the third quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock valued at $64,868,000 after buying an additional 447,606 shares during the last quarter. Finally, Bank of Nova Scotia lifted its stake in shares of Owens Corning by 9,571.1% in the fourth quarter. Bank of Nova Scotia now owns 143,616 shares of the construction company’s stock valued at $21,287,000 after buying an additional 142,131 shares during the period. 88.40% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Owens Corning news, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the transaction, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Brian Chambers sold 9,100 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the completion of the sale, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,672 shares of company stock worth $3,325,799. Company insiders own 0.89% of the company’s stock.

Owens Corning Trading Up 2.1 %

Shares of NYSE OC traded up $3.46 during mid-day trading on Friday, hitting $168.50. The company’s stock had a trading volume of 527,322 shares, compared to its average volume of 599,767. Owens Corning has a one year low of $99.49 and a one year high of $173.65. The company’s fifty day simple moving average is $159.88 and its 200-day simple moving average is $146.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.76 and a quick ratio of 1.17. The stock has a market cap of $14.60 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 6.97 and a beta of 1.47.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, beating analysts’ consensus estimates of $3.04 by $0.55. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter in the prior year, the business posted $2.77 EPS. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. On average, sell-side analysts anticipate that Owens Corning will post 13.92 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.40 annualized dividend and a yield of 1.42%. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OC. UBS Group upped their target price on Owens Corning from $169.00 to $192.00 and gave the company a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday, February 20th. Citigroup lifted their target price on shares of Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. Evercore ISI increased their price target on shares of Owens Corning from $154.00 to $172.00 and gave the stock an “in-line” rating in a research report on Thursday. Finally, Argus lifted their price objective on Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a report on Thursday. Eight 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 company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $168.21.

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.