Public Employees Retirement System of Ohio Has $8.52 Million Stock Holdings in Owens Corning (NYSE:OC)

Public Employees Retirement System of Ohio decreased its stake in Owens Corning (NYSE:OC) by 8.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 48,257 shares of the construction company’s stock after selling 4,444 shares during the quarter. Public Employees Retirement System of Ohio owned 0.06% of Owens Corning worth $8,518,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Point72 Asset Management L.P. raised its position in Owens Corning by 168.3% during the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after buying an additional 464,981 shares during the period. Pacer Advisors Inc. increased its holdings in shares of Owens Corning by 38.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after purchasing an additional 446,073 shares during the period. Panagora Asset Management Inc. lifted its position in shares of Owens Corning by 2,813.6% in the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after purchasing an additional 365,853 shares in the last quarter. Goldentree Asset Management LP acquired a new stake in shares of Owens Corning during the third quarter worth approximately $43,559,000. Finally, Kimelman & Baird LLC purchased a new position in Owens Corning during the second quarter valued at approximately $35,970,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $192.00 to $245.00 in a research report on Wednesday. Evercore ISI lifted their price objective on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Royal Bank of Canada upped their target price on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company increased their price objective on Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $198.33.

Insider Buying and Selling at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This trade represents a 5.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.89% of the company’s stock.

Owens Corning Stock Down 2.1 %

Owens Corning stock opened at $194.37 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a fifty-two week low of $138.70 and a fifty-two week high of $214.53. The firm has a fifty day moving average price of $190.94 and a two-hundred day moving average price of $177.88. The firm has a market cap of $16.67 billion, a price-to-earnings ratio of 16.54, a P/E/G ratio of 2.26 and a beta of 1.42.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.33. The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.15 EPS. As a group, analysts forecast that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Monday, January 6th will be paid a dividend of $0.69 per share. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 annualized dividend and a yield of 1.42%. The ex-dividend date is Monday, January 6th. Owens Corning’s dividend payout ratio is presently 23.49%.

Owens Corning Company 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.