Van ECK Associates Corp Trims Holdings in Owens Corning Inc $OC

Van ECK Associates Corp lessened its position in shares of Owens Corning Inc (NYSE:OC) by 78.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,835 shares of the construction company’s stock after selling 62,182 shares during the period. Van ECK Associates Corp’s holdings in Owens Corning were worth $2,676,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of OC. HM Payson & Co. boosted its holdings in shares of Owens Corning by 203.6% in the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after purchasing an additional 112 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Owens Corning in the fourth quarter worth $29,000. Cassaday & Co Wealth Management LLC purchased a new stake in Owens Corning during the first quarter valued at about $30,000. Fiduciary Financial Advisors bought a new stake in shares of Owens Corning in the 2nd quarter valued at about $35,000. Finally, Harbour Investments Inc. boosted its holdings in Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after acquiring an additional 129 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on OC shares. Truist Financial set a $198.00 price objective on Owens Corning in a research report on Thursday, August 6th. DA Davidson initiated coverage on shares of Owens Corning in a report on Monday, August 24th. They set a “buy” rating and a $190.00 price target for the company. Royal Bank Of Canada increased their price target on shares of Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research report on Friday, July 10th. Benchmark reissued a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Finally, Wells Fargo & Company upped their price objective on shares of Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $165.31.

Owens Corning Stock Performance

Owens Corning stock opened at $134.53 on Friday. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91. The stock’s 50 day simple moving average is $145.60 and its two-hundred day simple moving average is $127.75. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The stock has a market cap of $10.63 billion, a price-to-earnings ratio of -16.69, a PEG ratio of 2.02 and a beta of 1.32.

Owens Corning (NYSE:OC) last released its 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. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter last year, the business posted $4.21 EPS. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, analysts expect that Owens Corning Inc will post 9.9 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Shareholders 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 annualized dividend and a yield of 2.3%. Owens Corning’s dividend payout ratio (DPR) is currently -39.21%.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total value of $129,663.00. Following the sale, the insider directly owned 21,449 shares of the company’s stock, valued at $3,090,157.43. This represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

About Owens Corning

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.