Corebridge Financial Inc. Trims Stake in Owens Corning (NYSE:OC)

Corebridge Financial Inc. reduced its stake in Owens Corning (NYSE:OC) by 5.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 97,071 shares of the construction company’s stock after selling 5,743 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of Owens Corning worth $16,533,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Owens Corning by 4.7% during the 3rd quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock valued at $738,104,000 after buying an additional 187,001 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Owens Corning by 12.5% during the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after purchasing an additional 238,694 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Owens Corning by 31.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock worth $145,455,000 after purchasing an additional 197,667 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after purchasing an additional 424,786 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Owens Corning by 3.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 727,275 shares of the construction company’s stock valued at $128,379,000 after purchasing an additional 24,522 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Monaco Nicolas Del sold 1,750 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the transaction, the insider now owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.89% of the company’s stock.

Owens Corning Stock Up 4.7 %

Shares of NYSE OC opened at $151.21 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a 12-month low of $137.50 and a 12-month high of $214.53. The firm’s 50-day moving average price is $167.19 and its 200-day moving average price is $176.71. The stock has a market capitalization of $12.93 billion, a price-to-earnings ratio of 12.87, a P/E/G ratio of 1.88 and a beta of 1.52.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.35. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period last year, the company earned $3.21 EPS. On average, equities research analysts anticipate that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Monday, March 10th. Owens Corning’s dividend payout ratio (DPR) is 37.70%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Wells Fargo & Company decreased their target price on Owens Corning from $225.00 to $200.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Royal Bank of Canada reissued an “outperform” rating and issued a $212.00 price target on shares of Owens Corning in a report on Monday, March 17th. Citigroup reduced their price objective on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, StockNews.com lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $204.18.

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.