Teacher Retirement System of Texas Sells 41,931 Shares of Owens Corning Inc $OC

Teacher Retirement System of Texas lowered its stake in shares of Owens Corning Inc (NYSE:OC) by 48.1% in the third quarter, Holdings Channel reports. The institutional investor owned 45,201 shares of the construction company’s stock after selling 41,931 shares during the period. Teacher Retirement System of Texas’ holdings in Owens Corning were worth $6,394,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in OC. Norges Bank purchased a new stake in shares of Owens Corning during the 2nd quarter worth $163,719,000. First Trust Advisors LP grew its stake in Owens Corning by 164.6% in the second quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock valued at $126,618,000 after purchasing an additional 572,770 shares during the last quarter. Amundi raised its holdings in Owens Corning by 92.9% in the second quarter. Amundi now owns 1,086,735 shares of the construction company’s stock worth $157,279,000 after purchasing an additional 523,376 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Owens Corning by 17,614.0% during the second quarter. Marshall Wace LLP now owns 422,832 shares of the construction company’s stock valued at $58,148,000 after buying an additional 420,445 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Owens Corning by 70.9% in the 2nd quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company’s stock valued at $132,102,000 after buying an additional 398,440 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Down 1.3%

Owens Corning stock opened at $122.81 on Tuesday. The business’s 50-day moving average price is $114.71 and its 200 day moving average price is $129.76. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05. The firm has a market cap of $10.09 billion, a price-to-earnings ratio of -21.47, a price-to-earnings-growth ratio of 2.57 and a beta of 1.35. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $192.96.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 5th. The construction company reported $3.67 EPS for the quarter, topping the consensus estimate of $3.64 by $0.03. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The business’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.38 EPS. As a group, sell-side analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th were issued a $0.79 dividend. The ex-dividend date of this dividend was Monday, January 5th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 dividend on an annualized basis and a yield of 2.6%. Owens Corning’s dividend payout ratio is presently -55.24%.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of recent analyst reports. Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Barclays boosted their target price on Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Jefferies Financial Group decreased their price target on Owens Corning from $185.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Truist Financial dropped their price target on Owens Corning from $165.00 to $135.00 and set a “hold” rating on the stock in a research note on Thursday, October 9th. Finally, Argus raised shares of Owens Corning to a “strong-buy” rating in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $149.75.

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.