KBC Group NV Decreases Stock Holdings in Owens Corning Inc $OC

KBC Group NV decreased its stake in shares of Owens Corning Inc (NYSE:OC) by 41.3% during the first quarter, Holdings Channel reports. The firm owned 137,946 shares of the construction company’s stock after selling 97,211 shares during the quarter. KBC Group NV’s holdings in Owens Corning were worth $14,929,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OC. Itau Unibanco Holding S.A. purchased a new position in shares of Owens Corning in the 4th quarter worth $29,000. Measured Wealth Private Client Group LLC purchased a new stake in Owens Corning during the third quarter valued at $42,000. Harbour Investments Inc. lifted its holdings in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after acquiring an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Owens Corning in the fourth quarter worth about $37,000. Finally, Global Retirement Partners LLC boosted its position in Owens Corning by 1,173.3% in the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock worth $43,000 after purchasing an additional 352 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Down 0.4%

NYSE OC opened at $139.98 on Wednesday. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $11.27 billion, a P/E ratio of -21.18, a price-to-earnings-growth ratio of 2.73 and a beta of 1.30. The stock’s 50-day moving average price is $129.90 and its 200-day moving average price is $122.88.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. The company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm’s revenue was down 10.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 EPS. On average, equities research analysts predict that Owens Corning Inc will post 9.55 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be paid a dividend of $0.79 per share. The ex-dividend date is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.3%. Owens Corning’s payout ratio is -47.81%.

Insider Transactions at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares in the company, valued at $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on OC shares. The Goldman Sachs Group upped their price target on shares of Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, June 24th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Bank of America decreased their price target on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Finally, Truist Financial lifted their price target on shares of Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.50.

About Owens Corning

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.