South Dakota Investment Council Buys 24,472 Shares of Owens Corning Inc $OC

South Dakota Investment Council increased its stake in shares of Owens Corning Inc (NYSE:OC) by 40.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 84,334 shares of the construction company’s stock after acquiring an additional 24,472 shares during the period. South Dakota Investment Council owned about 0.10% of Owens Corning worth $11,598,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Bangor Savings Bank acquired a new stake in shares of Owens Corning in the 2nd quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Owens Corning during the second quarter worth about $30,000. Chilton Capital Management LLC acquired a new stake in Owens Corning in the 2nd quarter valued at approximately $37,000. Assetmark Inc. lifted its stake in Owens Corning by 51.0% in the 2nd quarter. Assetmark Inc. now owns 299 shares of the construction company’s stock valued at $41,000 after acquiring an additional 101 shares in the last quarter. Finally, Ameritas Advisory Services LLC bought a new stake in Owens Corning in the 2nd quarter valued at approximately $42,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Shares of OC stock opened at $127.24 on Monday. The stock has a market capitalization of $10.64 billion, a PE ratio of 33.05, a PEG ratio of 9.10 and a beta of 1.32. Owens Corning Inc has a one year low of $123.02 and a one year high of $214.53. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The business’s 50 day simple moving average is $140.21 and its 200 day simple moving average is $140.78.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. Owens Corning’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $4.64 earnings per share. As a group, research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Monday, October 20th. Owens Corning’s dividend payout ratio is presently 71.69%.

Wall Street Analysts Forecast Growth

OC has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of Owens Corning from $170.00 to $175.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. Vertical Research started coverage on Owens Corning in a research report on Monday, October 20th. They set a “hold” rating on the stock. Truist Financial cut their target price on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research note on Thursday, October 9th. Evercore ISI dropped their price target on Owens Corning from $169.00 to $153.00 and set an “in-line” rating for the company in a report on Tuesday, October 7th. Finally, UBS Group dropped their price target on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $178.31.

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.