Desjardins Global Asset Management Inc. Acquires 145 Shares of Owens Corning (NYSE:OC)

Desjardins Global Asset Management Inc. lifted its holdings in shares of Owens Corning (NYSE:OC) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,746 shares of the construction company’s stock after purchasing an additional 145 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in Owens Corning were worth $2,038,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Owens Corning during the fourth quarter valued at approximately $111,343,000. Invesco Ltd. grew its stake in shares of Owens Corning by 156.1% in the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock worth $202,932,000 after acquiring an additional 906,782 shares during the last quarter. Pacer Advisors Inc. grew its position in Owens Corning by 6,116.6% in the 4th quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock worth $123,415,000 after purchasing an additional 819,201 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Owens Corning by 878.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 623,176 shares of the construction company’s stock worth $5,861,000 after purchasing an additional 559,459 shares during the period. Finally, Federated Hermes Inc. lifted its stake in shares of Owens Corning by 1,602.4% in the third quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock valued at $64,868,000 after buying an additional 447,606 shares during the period. Institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, CEO Brian Chambers sold 9,100 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the transaction, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Brian Chambers sold 9,100 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the sale, the chief executive officer now owns 269,696 shares in the company, valued at approximately $41,417,214.72. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total value of $609,930.00. Following the sale, the executive vice president now directly owns 20,419 shares in the company, valued at approximately $3,307,878. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,672 shares of company stock valued at $3,325,799. 0.90% of the stock is currently owned by insiders.

Owens Corning Price Performance

OC opened at $163.54 on Wednesday. The company’s 50 day simple moving average is $157.35 and its 200-day simple moving average is $144.72. Owens Corning has a one year low of $98.00 and a one year high of $173.65. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17. The stock has a market capitalization of $14.23 billion, a P/E ratio of 12.46, a price-to-earnings-growth ratio of 0.28 and a beta of 1.47.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, February 14th. The construction company reported $3.21 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.39. The company had revenue of $2.30 billion during 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 firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.49 earnings per share. Sell-side analysts anticipate that Owens Corning will post 13.77 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning’s dividend payout ratio is 18.29%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OC. Truist Financial lifted their price objective on Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a report on Thursday, February 15th. Evercore ISI downgraded shares of Owens Corning from an “outperform” rating to an “in-line” rating and decreased their price target for the stock from $163.00 to $154.00 in a research note on Thursday, February 15th. JPMorgan Chase & Co. dropped their price objective on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday, February 20th. Loop Capital upped their target price on shares of Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research note on Monday, April 1st. Finally, Barclays cut shares of Owens Corning from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $170.00 to $160.00 in a research note on Monday, February 12th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Owens Corning has a consensus rating of “Moderate Buy” and an average target price of $162.14.

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.