Owens Corning (NYSE:OC) Shares Acquired by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board increased its holdings in Owens Corning (NYSE:OC) by 989.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,500 shares of the construction company’s stock after acquiring an additional 38,600 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Owens Corning were worth $7,239,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Truist Financial Corp grew its holdings in shares of Owens Corning by 4.0% during the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company’s stock worth $2,732,000 after buying an additional 624 shares during the last quarter. Allstate Corp purchased a new stake in shares of Owens Corning during the fourth quarter worth approximately $425,000. Integrated Quantitative Investments LLC purchased a new position in Owens Corning in the 4th quarter valued at $349,000. Principal Financial Group Inc. raised its position in Owens Corning by 88.9% during the 4th quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company’s stock worth $66,777,000 after buying an additional 184,552 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its stake in shares of Owens Corning by 1.0% in the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company’s stock worth $87,212,000 after acquiring an additional 5,167 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of NYSE:OC opened at $134.47 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The business’s fifty day moving average price is $147.60 and its two-hundred day moving average price is $171.97. The stock has a market cap of $11.50 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39. Owens Corning has a one year low of $123.41 and a one year high of $214.53.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same quarter last year, the company earned $3.21 earnings per share. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, analysts forecast that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 10th were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Monday, March 10th. Owens Corning’s payout ratio is 37.70%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OC. JPMorgan Chase & Co. dropped their price target on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research note on Tuesday, April 1st. They set a “buy” rating and a $183.00 target price for the company. StockNews.com downgraded Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Wells Fargo & Company cut their price objective on Owens Corning from $200.00 to $155.00 and set an “overweight” rating for the company in a research report on Monday, April 14th. Finally, Loop Capital reduced their target price on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a report on Friday, January 10th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and an average target price of $194.58.

Insider Buying and Selling

In other news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the transaction, the insider now directly owns 11,635 shares in the company, valued at $2,140,490.95. This represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.82% of the stock is owned by company insiders.

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.