Wedge Capital Management L L P NC Purchases 13,053 Shares of Owens Corning (NYSE:OC)

Wedge Capital Management L L P NC increased its position in Owens Corning (NYSE:OC) by 26.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 owned about 0.07% of Owens Corning worth $9,376,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of OC. Invesco Ltd. lifted its position in Owens Corning by 156.1% during the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after purchasing an additional 906,782 shares in the last quarter. Pacer Advisors Inc. lifted its position in Owens Corning by 6,116.6% during the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock valued at $123,415,000 after purchasing an additional 819,201 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Owens Corning by 1,602.4% in the third quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock valued at $64,868,000 after acquiring an additional 447,606 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Owens Corning by 226.1% in the third quarter. Teacher Retirement System of Texas now owns 164,252 shares of the construction company’s stock valued at $22,406,000 after acquiring an additional 113,890 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Owens Corning by 15.1% in the fourth quarter. Nordea Investment Management AB now owns 717,743 shares of the construction company’s stock valued at $106,556,000 after acquiring an additional 94,185 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on OC. Loop Capital boosted their price objective on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Citigroup upped their target price on Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Truist Financial upped their target price on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research note on Thursday, February 15th. JPMorgan Chase & Co. cut their target price on Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 20th. Finally, UBS Group lowered their price target on Owens Corning from $175.00 to $169.00 and set a “buy” rating for the company in a report on Thursday, February 15th. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $162.14.

Insider Transactions at Owens Corning

In related news, CEO Brian Chambers sold 9,100 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the transaction, the chief executive officer now owns 269,696 shares in the company, valued at approximately $41,417,214.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Brian Chambers sold 9,100 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the transaction, the chief executive officer now owns 269,696 shares in the company, valued at approximately $41,417,214.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gunner Smith sold 7,442 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $148.99, for a total value of $1,108,783.58. Following the completion of the transaction, the insider now owns 36,140 shares of the company’s stock, valued at approximately $5,384,498.60. The disclosure for this sale can be found here. Insiders sold 21,672 shares of company stock valued at $3,325,799 in the last quarter. 0.90% of the stock is currently owned by corporate insiders.

Owens Corning Stock Up 1.9 %

Shares of NYSE OC opened at $167.56 on Wednesday. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $14.58 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 0.28 and a beta of 1.47. The stock’s fifty day simple moving average is $158.41 and its two-hundred 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.

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

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were given a $0.60 dividend. 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 payout ratio is 18.29%.

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.