Louisiana State Employees Retirement System Invests $2.58 Million in Owens Corning Inc $OC

Louisiana State Employees Retirement System purchased a new stake in shares of Owens Corning Inc (NYSE:OC) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,800 shares of the construction company’s stock, valued at approximately $2,576,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Itau Unibanco Holding S.A. bought a new position in Owens Corning during the fourth quarter worth about $29,000. Harbour Investments Inc. grew its position in shares of Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after purchasing an additional 129 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Owens Corning in the fourth quarter valued at approximately $37,000. Measured Wealth Private Client Group LLC bought a new position in shares of Owens Corning during the third quarter worth approximately $42,000. Finally, Global Retirement Partners LLC lifted its holdings in Owens Corning by 1,173.3% during the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock worth $43,000 after purchasing an additional 352 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Insider Activity at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This represents a 38.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, the insider directly owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by insiders.

Owens Corning Stock Performance

Shares of OC opened at $135.28 on Monday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The firm’s fifty day simple moving average is $122.08 and its two-hundred day simple moving average is $119.11. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The stock has a market capitalization of $10.89 billion, a P/E ratio of -20.47, a price-to-earnings-growth ratio of 2.46 and a beta of 1.34.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same period last year, the company posted $2.97 EPS. The business’s quarterly revenue was down 10.5% on a year-over-year basis. As a group, analysts predict that Owens Corning Inc will post 9.53 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.3%. Owens Corning’s payout ratio is -47.81%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OC. Evercore set a $139.00 price objective on shares of Owens Corning in a report on Thursday, May 7th. Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday. The Goldman Sachs Group boosted their price target on Owens Corning from $125.00 to $141.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Finally, Truist Financial boosted their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.82.

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.