Wedge Capital Management L L P NC Sells 8,565 Shares of Owens Corning Inc $OC

Wedge Capital Management L L P NC lowered its stake in shares of Owens Corning Inc (NYSE:OC) by 8.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 89,748 shares of the construction company’s stock after selling 8,565 shares during the period. Wedge Capital Management L L P NC’s holdings in Owens Corning were worth $14,266,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in OC. Itau Unibanco Holding S.A. purchased a new stake in Owens Corning in the fourth quarter worth approximately $29,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Owens Corning during the 1st quarter valued at $30,000. Harbour Investments Inc. raised its position in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after purchasing an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Owens Corning in the fourth quarter worth $37,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in Owens Corning during the 3rd quarter valued at about $42,000. Institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on OC shares. Wells Fargo & Company upped their price target on shares of Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada increased their target price on shares of Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Wall Street Zen upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Truist Financial set a $198.00 price objective on Owens Corning in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $163.25.

Insider Activity at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Owens Corning Price Performance

Shares of NYSE:OC opened at $155.44 on Thursday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The company has a market capitalization of $12.29 billion, a PE ratio of -19.29, a PEG ratio of 2.76 and a beta of 1.32. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91. The business has a fifty day moving average price of $138.83 and a 200-day moving average price of $125.84.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.84. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.21 earnings per share. As a group, equities analysts expect that Owens Corning Inc will post 9.65 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s dividend payout ratio is presently -39.21%.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.