Ceredex Value Advisors LLC Adjusts Its Stake in Owens Corning

Ceredex Value Advisors LLC has recently reduced its position in Owens Corning (NYSE:OC - Free Report) by 5.7% during the third quarter, as indicated in their latest 13F filing with the Securities and Exchange Commission (SEC). This institutional investor now holds 187,375 shares of the construction company's stock, following the sale of 11,250 shares in the quarter. As of the most recent reporting period, Ceredex Value Advisors LLC's stake in Owens Corning is valued at approximately $33,075,000, which represents about 0.22% of the company.

Several other large investors have also modified their holdings in Owens Corning. For instance, Wealth Enhancement Advisory Services LLC increased its stake by 10.1% in the first quarter, acquiring 6,632 shares valued at $1,106,000 after an additional purchase of 608 shares in the last quarter. Allspring Global Investments Holdings LLC also saw a 9.7% growth in its position during the same period, now owning 160,899 shares worth $26,838,000 after increasing their holdings by 14,175 shares. Additionally, Norden Group LLC and Diversify Advisory Services LLC both established new positions in Owens Corning valued at $2,511,000 and $707,000, respectively.

Recent Insider Transactions

In some insider news, Marcio A. Sandri, an insider at Owens Corning, sold a total of 3,050 shares at an average price of $170.00 on September 17th, which amounted to $518,500 for the transaction. After this sale, Sandri holds 60,130 shares, which are valued at approximately $10,222,100. Furthermore, on September 19th, he sold another 3,051 shares at an average price of $176.50, bringing in about $538,501.50. Following this transaction, he now directly owns 57,079 shares valued at $10,074,443.50. Overall, these sales have not significantly impacted Sandri's ownership percentage.

Analyst Ratings and Price Targets

Owens Corning has been featured in numerous analyst reports recently. Barclays has lowered their price target from $190.00 to $189.00 while maintaining an "equal weight" rating. In contrast, Citigroup upgraded Owens Corning from a "neutral" to a "buy" rating and has increased their price target from $178.00 to $191.00. Evercore ISI also raised their target price from $175.00 to $189.00, giving the stock an "in-line" rating. Wells Fargo lifted their price target from $165.00 to $175.00, retaining an "equal weight" rating on the shares. Overall, eight investment analysts have rated Owens Corning with a hold rating while seven have given it a buy rating. The consensus rating remains a "Hold," with an average price target of $187.77.

Stock Performance Overview

The Owens Corning stock opened at $180.34 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37, and a quick ratio of 0.79. Its 50-day moving average stands at $174.13, while its 200-day moving average is $172.85. The company boasts a market capitalization of $15.68 billion and a price-to-earnings ratio of 15.27. The stock has experienced a 52-week low of $117.32 and a high of $191.44.

Owens Corning reported its earnings results on August 6th, revealing earnings per share (EPS) of $4.64, which exceeded analysts' estimates of $4.37 by $0.27. Additionally, the company achieved a return on equity of 26.33% and a net margin of 10.66%. Revenue for the quarter was recorded at $2.79 billion, although this was slightly below the projected $2.92 billion. Compared to the same period last year, Owens Corning's revenue increased by 8.8%, and analysts predict an EPS of 15.34 for the current year.

Upcoming Dividend Announcement

Additionally, Owens Corning has announced a quarterly dividend to be paid on November 4th. Shareholders on record as of October 18th will receive a dividend of $0.60. The ex-dividend date is also set for October 18th. This dividend indicates an annualized payout of $2.40, which provides a dividend yield of 1.33%. Currently, Owens Corning's dividend payout ratio (DPR) is 20.32%.

Company Overview

Owens Corning is a manufacturer and seller of building and construction materials, operating in the United States, Europe, and Asia Pacific, among other regions. The company’s operations are divided into three primary segments: Roofing, Insulation, and Composites. The Roofing segment specializes in producing and selling asphalt roofing shingles, oxidized asphalt materials, and components for roofing in both residential and commercial construction.

Ceredex, Owens, Corning