VIRGINIA RETIREMENT SYSTEMS ET Al Has $59.84 Million Stake in Owens Corning Inc $OC

VIRGINIA RETIREMENT SYSTEMS ET Al raised its holdings in Owens Corning Inc (NYSE:OC) by 7.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 422,985 shares of the construction company’s stock after buying an additional 30,100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.51% of Owens Corning worth $59,835,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OC. Twin Peaks Wealth Advisors LLC bought a new position in shares of Owens Corning in the 2nd quarter valued at about $26,000. Bangor Savings Bank acquired a new position in Owens Corning during the second quarter valued at approximately $28,000. Rexford Capital Inc. bought a new position in Owens Corning in the second quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning in the second quarter valued at approximately $30,000. Finally, Vermillion & White Wealth Management Group LLC increased its position in shares of Owens Corning by 149.4% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock worth $31,000 after purchasing an additional 133 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Up 0.1%

Shares of OC opened at $113.05 on Wednesday. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $192.96. The firm has a market cap of $9.29 billion, a P/E ratio of -19.76, a price-to-earnings-growth ratio of 9.09 and a beta of 1.34. The firm’s 50-day simple moving average is $113.01 and its 200 day simple moving average is $132.36. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same period last year, the business posted $4.38 earnings per share. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 21st. Investors of record on Monday, January 5th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, January 5th. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. Owens Corning’s payout ratio is -48.25%.

Analyst Ratings Changes

Several research firms recently weighed in on OC. Zacks Research cut shares of Owens Corning from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 15th. Royal Bank Of Canada decreased their price objective on shares of Owens Corning from $174.00 to $145.00 and set an “outperform” rating for the company in a research report on Thursday, November 6th. Bank of America dropped their target price on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a report on Wednesday, October 1st. Evercore ISI cut their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research note on Thursday, December 4th. Finally, Barclays set a $130.00 price target on Owens Corning in a research report on Monday, December 8th. Ten investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $155.58.

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.