Pacer Advisors Inc. Trims Holdings in Owens Corning Inc $OC

Pacer Advisors Inc. trimmed its holdings in shares of Owens Corning Inc (NYSE:OC) by 97.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,633 shares of the construction company’s stock after selling 372,254 shares during the quarter. Pacer Advisors Inc.’s holdings in Owens Corning were worth $1,042,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in OC. Itau Unibanco Holding S.A. purchased a new position in Owens Corning in the 4th quarter worth about $29,000. Cassaday & Co Wealth Management LLC purchased a new stake in Owens Corning in the 1st quarter valued at about $30,000. Harbour Investments Inc. grew its stake in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after acquiring an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Owens Corning during the fourth quarter worth approximately $37,000. Finally, Measured Wealth Private Client Group LLC purchased a new position in shares of Owens Corning during the third quarter worth approximately $42,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $157.22 on Monday. The firm has a 50 day moving average of $136.74 and a 200 day moving average of $125.16. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $12.43 billion, a price-to-earnings ratio of -19.51, a price-to-earnings-growth ratio of 2.73 and a beta of 1.32. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period in the prior year, the firm posted $4.21 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts predict that Owens Corning Inc will post 9.65 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were given a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.0%. Owens Corning’s dividend payout ratio is presently -39.21%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on OC shares. Deutsche Bank Aktiengesellschaft boosted their price target on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Wells Fargo & Company upped their target price on Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. increased their price target on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Bank of America cut their price target on Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Finally, Truist Financial set a $198.00 price objective on Owens Corning in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and a consensus price target of $163.25.

Owens Corning 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.