Ritholtz Wealth Management Trims Holdings in Owens Corning (NYSE:OC)

Ritholtz Wealth Management reduced its stake in shares of Owens Corning (NYSE:OC) by 1.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,539 shares of the construction company’s stock after selling 155 shares during the quarter. Ritholtz Wealth Management’s holdings in Owens Corning were worth $2,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in OC. Vanguard Personalized Indexing Management LLC lifted its position in Owens Corning by 97.3% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 22,798 shares of the construction company’s stock worth $3,110,000 after buying an additional 11,241 shares during the last quarter. Contravisory Investment Management Inc. bought a new stake in shares of Owens Corning during the fourth quarter worth $27,000. New York Life Investment Management LLC increased its stake in shares of Owens Corning by 101.7% during the third quarter. New York Life Investment Management LLC now owns 9,969 shares of the construction company’s stock valued at $1,360,000 after buying an additional 5,026 shares during the period. Cambria Investment Management L.P. increased its stake in shares of Owens Corning by 7.5% during the third quarter. Cambria Investment Management L.P. now owns 84,448 shares of the construction company’s stock valued at $11,520,000 after buying an additional 5,877 shares during the period. Finally, Treasurer of the State of North Carolina increased its stake in shares of Owens Corning by 0.8% during the second quarter. Treasurer of the State of North Carolina now owns 41,121 shares of the construction company’s stock valued at $5,366,000 after buying an additional 340 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Down 0.3 %

OC stock traded down $0.52 during mid-day trading on Thursday, reaching $166.69. The company had a trading volume of 473,524 shares, compared to its average volume of 687,969. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.69. The company has a market capitalization of $14.50 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 0.45 and a beta of 1.46. The firm has a fifty day simple moving average of $152.89 and a 200 day simple moving average of $141.68. Owens Corning has a fifty-two week low of $90.78 and a fifty-two week high of $167.93.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.39. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.25 billion. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.49 EPS. Analysts forecast that Owens Corning will post 14.08 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 4th. Shareholders of record on Monday, March 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Friday, March 1st. Owens Corning’s payout ratio is 18.29%.

Wall Street Analyst Weigh In

OC has been the topic of several research reports. The Goldman Sachs Group raised their price target on Owens Corning from $130.00 to $147.00 and gave the company a “neutral” rating in a research note on Thursday, December 14th. UBS Group cut their target price on Owens Corning from $175.00 to $169.00 and set a “buy” rating on the stock in a research note on Thursday, February 15th. Truist Financial lifted their target price on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research note on Thursday, February 15th. Barclays lowered Owens Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $170.00 to $160.00 in a research note on Monday, February 12th. Finally, Royal Bank of Canada dropped their price target on Owens Corning from $183.00 to $175.00 and set an “outperform” rating on the stock in a research note on Thursday, February 15th. Eight investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and an average price target of $157.43.

Insider Activity

In related news, EVP Paula Russell sold 3,765 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, 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 SEC, which can be accessed through the SEC website. In related news, EVP Paula Russell sold 3,765 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, 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 SEC, which can be accessed through the SEC website. Also, insider Gunner Smith sold 657 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $153.36, for a total transaction of $100,757.52. Following the completion of the sale, the insider now owns 37,587 shares of the company’s stock, valued at approximately $5,764,342.32. The disclosure for this sale can be found here. In the last three months, insiders sold 21,672 shares of company stock valued at $3,325,799. Insiders own 0.89% of the company’s stock.

Owens Corning Profile

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.