Massachusetts Financial Services Co. MA Sells 640 Shares of Owens Corning (NYSE:OC)

Massachusetts Financial Services Co. MA trimmed its holdings in shares of Owens Corning (NYSE:OC) by 13.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,109 shares of the construction company’s stock after selling 640 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Owens Corning were worth $700,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OC. Truist Financial Corp increased its holdings in Owens Corning by 4.0% during the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company’s stock worth $2,732,000 after purchasing an additional 624 shares during the period. Allstate Corp purchased a new position in shares of Owens Corning during the fourth quarter valued at $425,000. Janus Henderson Group PLC increased 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 buying an additional 200 shares during the period. Principal Financial Group Inc. lifted its stake in Owens Corning by 88.9% in the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company’s stock worth $66,777,000 after acquiring an additional 184,552 shares during the period. Finally, Empower Advisory Group LLC grew its holdings in Owens Corning by 1.0% during 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 in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group reduced their price target on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Loop Capital lowered 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. StockNews.com downgraded Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Citigroup decreased their price objective on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Barclays cut their target price on Owens Corning from $215.00 to $179.00 and set an “overweight” rating on the stock in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $199.42.

Owens Corning Stock Down 2.8 %

OC stock opened at $126.11 on Wednesday. The stock has a market capitalization of $10.79 billion, a PE ratio of 10.73, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39. Owens Corning has a 52 week low of $124.33 and a 52 week high of $214.53. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average of $156.31 and a 200 day moving average of $174.44.

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

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Monday, March 10th. Owens Corning’s payout ratio is 37.70%.

Insider Buying and Selling

In related news, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the transaction, the insider now directly owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.82% of the company’s stock.

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.