Owens Corning (NYSE:OC) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC trimmed its position in shares of Owens Corning (NYSE:OC) by 66.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,250 shares of the construction company’s stock after selling 27,739 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Owens Corning were worth $2,476,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new position in shares of Owens Corning in the 2nd quarter valued at about $3,598,000. Kestra Investment Management LLC acquired a new stake in Owens Corning in the second quarter valued at approximately $328,000. Cetera Investment Advisers increased its position in shares of Owens Corning by 18.8% in the second quarter. Cetera Investment Advisers now owns 15,170 shares of the construction company’s stock valued at $2,635,000 after buying an additional 2,405 shares in the last quarter. 3Chopt Investment Partners LLC acquired a new position in shares of Owens Corning during the 2nd quarter worth approximately $753,000. Finally, Truist Financial Corp lifted its position in shares of Owens Corning by 17.3% during the 2nd quarter. Truist Financial Corp now owns 25,937 shares of the construction company’s stock valued at $4,506,000 after buying an additional 3,816 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Up 2.6 %

Shares of OC opened at $180.44 on Friday. Owens Corning has a 52-week low of $109.95 and a 52-week high of $191.13. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. The stock has a fifty day simple moving average of $167.02 and a two-hundred day simple moving average of $171.16. The company has a market capitalization of $15.69 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 3.62 and a beta of 1.41.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.37 by $0.27. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. Owens Corning’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the business earned $4.22 earnings per share. As a group, equities analysts forecast that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s payout ratio is presently 20.32%.

Insider Activity at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the sale, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on OC shares. StockNews.com cut shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $187.00 price objective on shares of Owens Corning in a report on Monday, June 17th. Barclays reduced their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Finally, Evercore ISI lowered their price target on Owens Corning from $188.00 to $175.00 and set an “in-line” rating on the stock in a research note on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of “Hold” and an average price target of $186.69.

About Owens Corning

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.