Zurcher Kantonalbank Zurich Cantonalbank Decreases Position in Owens Corning (NYSE:OC)

Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in shares of Owens Corning (NYSE:OC) by 14.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 732,890 shares of the construction company’s stock after selling 124,648 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.82% of Owens Corning worth $108,636,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of OC. US Bancorp DE grew its stake in shares of Owens Corning by 4.0% during the first quarter. US Bancorp DE now owns 6,502 shares of the construction company’s stock valued at $595,000 after buying an additional 249 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Owens Corning by 9.3% during the first quarter. HighTower Advisors LLC now owns 2,606 shares of the construction company’s stock valued at $238,000 after buying an additional 221 shares during the last quarter. Natixis Advisors L.P. grew its stake in shares of Owens Corning by 24.9% during the first quarter. Natixis Advisors L.P. now owns 13,517 shares of the construction company’s stock valued at $1,237,000 after buying an additional 2,693 shares during the last quarter. Bank of Montreal Can grew its stake in shares of Owens Corning by 10.8% during the first quarter. Bank of Montreal Can now owns 19,987 shares of the construction company’s stock valued at $1,888,000 after buying an additional 1,952 shares during the last quarter. Finally, Acadian Asset Management LLC grew its stake in Owens Corning by 245.2% in the first quarter. Acadian Asset Management LLC now owns 3,649 shares of the construction company’s stock worth $333,000 after purchasing an additional 2,592 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Insiders Place Their Bets

In other Owens Corning news, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the transaction, the executive vice president now owns 20,419 shares in the company, valued at $3,307,878. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Owens Corning news, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the transaction, the executive vice president now owns 20,419 shares in the company, valued at $3,307,878. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Gunner Smith sold 708 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $153.73, for a total transaction of $108,840.84. Following the transaction, the insider now owns 39,994 shares of the company’s stock, valued at approximately $6,148,277.62. The disclosure for this sale can be found here. Insiders have sold 21,672 shares of company stock valued at $3,325,799 in the last ninety days. 0.90% of the stock is currently owned by corporate insiders.

Owens Corning Stock Performance

OC stock traded down $0.26 during midday trading on Tuesday, reaching $163.60. The stock had a trading volume of 659,844 shares, compared to its average volume of 666,118. The stock has a market cap of $14.23 billion, a PE ratio of 12.45, a P/E/G ratio of 0.29 and a beta of 1.47. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.69. The firm has a fifty day simple moving average of $157.15 and a two-hundred day simple moving average of $144.53. Owens Corning has a 52-week low of $98.00 and a 52-week high of $173.65.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.39. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same period last year, the firm earned $2.49 EPS. The company’s quarterly revenue was up .8% on a year-over-year basis. As a group, equities research analysts anticipate that Owens Corning will post 13.77 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Friday, March 1st. Owens Corning’s dividend payout ratio (DPR) is 18.29%.

Wall Street Analysts Forecast Growth

OC has been the topic of several research analyst reports. Truist Financial increased their price objective on Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a research note on Thursday, February 15th. UBS Group dropped their price objective on Owens Corning from $175.00 to $169.00 and set a “buy” rating on the stock in a research note on Thursday, February 15th. Loop Capital increased their price objective on Owens Corning from $167.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Evercore ISI cut Owens Corning from an “outperform” rating to an “in-line” rating and dropped their price objective for the stock from $163.00 to $154.00 in a research note on Thursday, February 15th. Finally, Barclays cut Owens Corning from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $170.00 to $160.00 in a research report on Monday, February 12th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $162.14.

Owens Corning 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.