Glenmede Trust Co. NA Reduces Holdings in Owens Corning Inc $OC

Glenmede Trust Co. NA reduced its holdings in shares of Owens Corning Inc (NYSE:OC) by 91.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,504 shares of the construction company’s stock after selling 60,838 shares during the period. Glenmede Trust Co. NA’s holdings in Owens Corning were worth $596,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System bought a new position in shares of Owens Corning in the first quarter worth about $2,576,000. BNP Paribas Financial Markets boosted its stake in shares of Owens Corning by 178.2% in the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company’s stock worth $20,888,000 after acquiring an additional 119,566 shares during the period. Raiffeisen Bank International AG boosted its stake in Owens Corning by 12.4% in the 4th quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company’s stock worth $39,976,000 after purchasing an additional 38,885 shares during the period. Systematic Financial Management LP grew its holdings in Owens Corning by 10.8% during the 4th quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company’s stock valued at $27,355,000 after buying an additional 23,873 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Owens Corning by 1,243.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 39,134 shares of the construction company’s stock valued at $4,379,000 after acquiring an additional 36,222 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Owens Corning Stock Up 4.4%

Shares of OC stock opened at $157.22 on Friday. The stock’s fifty day moving average price is $136.74 and its 200 day moving average price is $125.16. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91. The company has a market cap of $12.43 billion, a price-to-earnings ratio of -19.51, a price-to-earnings-growth ratio of 2.89 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.74.

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 analysts’ consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm’s revenue was up .3% compared to the same quarter last year. During the same period last year, the business posted $4.21 earnings per share. On average, research analysts expect that Owens Corning Inc will post 9.65 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is presently -47.81%.

Wall Street Analysts Forecast Growth

OC has been the subject of several research analyst reports. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Wall Street Zen upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday. The Goldman Sachs Group upped their price objective on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. Barclays raised their target price on shares of Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Citigroup raised their price target on Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $163.25.

Owens Corning Company 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.