Sycomore Asset Management Raises Stock Position in Owens Corning (NYSE:OC)

Sycomore Asset Management raised its stake in shares of Owens Corning (NYSE:OC) by 35.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,960 shares of the construction company’s stock after purchasing an additional 6,012 shares during the quarter. Sycomore Asset Management’s holdings in Owens Corning were worth $3,415,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Owens Corning by 0.8% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,130 shares of the construction company’s stock worth $1,205,000 after buying an additional 67 shares during the period. Blue Trust Inc. grew its position in shares of Owens Corning by 42.2% in the 4th quarter. Blue Trust Inc. now owns 263 shares of the construction company’s stock worth $36,000 after buying an additional 78 shares during the period. Caprock Group LLC grew its position in shares of Owens Corning by 3.7% in the 4th quarter. Caprock Group LLC now owns 2,214 shares of the construction company’s stock worth $328,000 after buying an additional 79 shares during the period. VisionPoint Advisory Group LLC grew its position in shares of Owens Corning by 53.0% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 254 shares of the construction company’s stock worth $35,000 after buying an additional 88 shares during the period. Finally, Ballentine Partners LLC grew its position in shares of Owens Corning by 1.5% in the 3rd quarter. Ballentine Partners LLC now owns 6,192 shares of the construction company’s stock worth $845,000 after buying an additional 89 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Owens Corning

In other news, EVP Paula Russell sold 3,765 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the transaction, the executive vice president now owns 20,419 shares in the company, valued at approximately $3,307,878. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Paula Russell sold 3,765 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the transaction, the executive vice president now owns 20,419 shares in the company, valued at approximately $3,307,878. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Chambers sold 9,100 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,672 shares of company stock worth $3,325,799. Company insiders own 0.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OC. Royal Bank of Canada reduced their target price on shares of Owens Corning from $183.00 to $175.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. JPMorgan Chase & Co. reduced their target price on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Truist Financial increased their price objective on shares of Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research report on Thursday, February 15th. Citigroup increased their price objective 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. Finally, Barclays downgraded shares of Owens Corning from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $170.00 to $160.00 in a research report on Monday, February 12th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $162.14.

Owens Corning Stock Performance

OC traded down $2.42 during midday trading on Wednesday, hitting $165.20. 1,147,165 shares of the company traded hands, compared to its average volume of 673,792. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $14.37 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.28 and a beta of 1.47. The company’s 50-day moving average is $158.41 and its 200 day moving average is $145.80. Owens Corning has a 52 week low of $98.02 and a 52 week high of $173.65.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, February 14th. The construction company reported $3.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.39. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Owens Corning had a net margin of 12.36% and a return on equity of 25.88%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.49 EPS. On average, research analysts expect that Owens Corning will post 13.92 EPS for the current year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning’s dividend payout ratio is currently 18.29%.

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.