Truist Financial Corp Grows Stake in Owens Corning (NYSE:OC)

Truist Financial Corp increased its stake in Owens Corning (NYSE:OC) by 4.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,038 shares of the construction company’s stock after acquiring an additional 624 shares during the period. Truist Financial Corp’s holdings in Owens Corning were worth $2,732,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OC. Alpha DNA Investment Management LLC lifted its stake in Owens Corning by 147.4% in the third quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock worth $754,000 after purchasing an additional 2,544 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Owens Corning by 3.1% during the third quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock valued at $1,189,000 after acquiring an additional 200 shares in the last quarter. Penserra Capital Management LLC raised its stake in shares of Owens Corning by 53.3% during the third quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company’s stock valued at $832,000 after acquiring an additional 1,643 shares in the last quarter. Atria Investments Inc raised its stake in shares of Owens Corning by 93.3% during the third quarter. Atria Investments Inc now owns 13,200 shares of the construction company’s stock valued at $2,330,000 after acquiring an additional 6,373 shares in the last quarter. Finally, CWA Asset Management Group LLC bought a new stake in shares of Owens Corning during the third quarter valued at approximately $1,046,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of OC opened at $158.75 on Wednesday. The business’s 50-day moving average is $176.48 and its two-hundred day moving average is $179.01. The company has a market capitalization of $13.62 billion, a P/E ratio of 13.51, a P/E/G ratio of 1.88 and a beta of 1.46. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a fifty-two week low of $145.50 and a fifty-two week high of $214.53.

Owens Corning (NYSE:OC) last posted its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same period in the prior year, the company posted $3.21 EPS. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. Research analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Monday, March 10th. Owens Corning’s payout ratio is currently 23.49%.

Insider Transactions at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $183.97, for a total value of $321,947.50. Following the transaction, the insider now directly owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the transaction, the insider now directly owns 18,866 shares in the company, valued at $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on OC shares. StockNews.com downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday. Royal Bank of Canada reduced their price objective on shares of Owens Corning from $224.00 to $212.00 and set an “outperform” rating for the company in a research note on Tuesday. Citigroup reduced their price objective on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research note on Monday, January 6th. UBS Group reduced their price objective on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Barclays raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $192.00 to $245.00 in a report on Wednesday, December 11th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $210.00.

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.