Allspring Global Investments Holdings LLC Buys 64,260 Shares of Owens Corning (NYSE:OC)

Allspring Global Investments Holdings LLC increased its stake in shares of Owens Corning (NYSE:OC) by 59.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 172,173 shares of the construction company’s stock after buying an additional 64,260 shares during the period. Allspring Global Investments Holdings LLC owned 0.20% of Owens Corning worth $30,392,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of OC. Vest Financial LLC raised its stake in Owens Corning by 35.7% in the 3rd quarter. Vest Financial LLC now owns 8,485 shares of the construction company’s stock worth $1,498,000 after purchasing an additional 2,233 shares in the last quarter. Resonant Capital Advisors LLC increased its holdings in shares of Owens Corning by 5.4% during the third quarter. Resonant Capital Advisors LLC now owns 1,616 shares of the construction company’s stock worth $285,000 after purchasing an additional 83 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in shares of Owens Corning in the third quarter valued at approximately $216,000. Blue Trust Inc. increased its stake in Owens Corning by 199.2% during the 3rd quarter. Blue Trust Inc. now owns 1,098 shares of the construction company’s stock worth $191,000 after acquiring an additional 731 shares during the period. Finally, Accurate Wealth Management LLC raised its holdings in Owens Corning by 9.9% in the 3rd quarter. Accurate Wealth Management LLC now owns 3,545 shares of the construction company’s stock valued at $663,000 after acquiring an additional 319 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Owens Corning stock opened at $181.26 on Thursday. The company has a market capitalization of $15.76 billion, a PE ratio of 15.35, a P/E/G ratio of 2.33 and a beta of 1.41. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The stock has a 50-day moving average price of $171.13 and a two-hundred day moving average price of $172.13. Owens Corning has a 12 month low of $109.95 and a 12 month high of $191.44.

Owens Corning (NYSE:OC) last posted its earnings results on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, topping the consensus estimate of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same period last year, the company earned $4.22 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. Analysts expect that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.32%. Owens Corning’s payout ratio is 20.32%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on OC shares. Barclays reduced their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. StockNews.com lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, October 1st. Wells Fargo & Company upped their price target on shares of Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. UBS Group lifted their price objective on shares of Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Evercore ISI upped their target price on Owens Corning from $175.00 to $189.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $187.77.

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.