Texas Permanent School Fund Corp Has $12.97 Million Stake in Owens Corning (NYSE:OC)

Texas Permanent School Fund Corp grew its holdings in Owens Corning (NYSE:OC) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 77,782 shares of the construction company’s stock after purchasing an additional 1,006 shares during the period. Texas Permanent School Fund Corp’s holdings in Owens Corning were worth $12,974,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Owens Corning by 0.8% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,130 shares of the construction company’s stock worth $1,205,000 after buying an additional 67 shares in the last quarter. Avantax Advisory Services Inc. raised its holdings in shares of Owens Corning by 2.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 3,082 shares of the construction company’s stock valued at $457,000 after buying an additional 69 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Owens Corning by 7.5% in the first quarter. GAMMA Investing LLC now owns 1,104 shares of the construction company’s stock valued at $184,000 after buying an additional 77 shares during the last quarter. Blue Trust Inc. raised its holdings in Owens Corning by 42.2% during the 4th quarter. Blue Trust Inc. now owns 263 shares of the construction company’s stock worth $36,000 after purchasing an additional 78 shares during the last quarter. Finally, Caprock Group LLC raised its holdings in Owens Corning by 3.7% during the 4th quarter. Caprock Group LLC now owns 2,214 shares of the construction company’s stock worth $328,000 after purchasing an additional 79 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analysts Set New Price Targets

OC has been the subject of several analyst reports. Royal Bank of Canada boosted their target price on Owens Corning from $192.00 to $201.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 21st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $187.00 price target on shares of Owens Corning in a research report on Monday, June 17th. Loop Capital upped their price objective on Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. StockNews.com upgraded Owens Corning from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 27th. Finally, Argus increased their price target on Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Seven investment 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. According to MarketBeat, Owens Corning has an average rating of “Moderate Buy” and an average target price of $180.57.

Owens Corning Price Performance

OC traded up $2.94 on Friday, reaching $178.09. The company had a trading volume of 24,021 shares, compared to its average volume of 654,672. Owens Corning has a 52-week low of $109.95 and a 52-week high of $184.00. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.22 and a current ratio of 1.76. The business has a 50 day simple moving average of $175.51 and a 200 day simple moving average of $162.76. The company has a market cap of $15.43 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 4.98 and a beta of 1.42.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.55. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter last year, the business earned $2.77 earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Owens Corning will post 15.48 EPS for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Monday, July 15th. Owens Corning’s dividend payout ratio is currently 19.43%.

Insider Transactions at Owens Corning

In related news, CFO Todd W. Fister sold 3,000 shares of Owens Corning stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $173.65, for a total value of $520,950.00. Following the completion of the sale, the chief financial officer now directly owns 31,626 shares in the company, valued at approximately $5,491,854.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Marcio A. Sandri sold 9,697 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $178.00, for a total transaction of $1,726,066.00. Following the sale, the insider now directly owns 62,895 shares of the company’s stock, valued at approximately $11,195,310. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Todd W. Fister sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $173.65, for a total value of $520,950.00. Following the completion of the sale, the chief financial officer now owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The disclosure for this sale can be found here. Insiders sold a total of 19,360 shares of company stock valued at $3,437,315 in the last quarter. 0.89% of the stock is owned by insiders.

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.