Skylands Capital LLC sold off 3.5% of its holdings in Owens Corning (NYSE: OC) during the third quarter, as stated in the most recent 13F disclosure that the company filed with the Securities and Exchange Commission. When all was said and done, the institutional investor had 281,200 shares of the construction company’s stock in their possession after selling 10,100 of the company’s shares throughout the time frame. Skylands Capital LLC has an overall investment portfolio, and Owens Corning accounts for approximately 3.6% of that portfolio. This places Owens Corning as the seventh-largest holding in the portfolio. Skylands Capital LLC had approximately 0.30% of the shares of Owens Corning for a total investment of $22,105,00 at the end of the most recent reporting period.
Recent months have seen several other types of institutional investors, including hedge funds, make changes to how they hold their ownership of OC shares. During the first quarter, Bank of America Corp. (DE) increased the amount of Owens Corning stock owned by 135.1%, bringing its total ownership percentage to 1. Bank of America Corp. (DE) now has 1,692,633 shares of the construction company’s stock, which have an estimated value of $154,876,000 after purchasing an additional 972,789 shares during the period in question. The value of Prudential Financial Inc.’s holdings in Owens Corning increased during the second quarter by an amount equivalent to 261.4% of the company. After purchasing an additional 444,939 shares throughout the relevant period, Prudential Financial Inc. now has 615,151 shares of the construction company’s stock, which are worth a combined sum of $46,341,000. During the relevant period, these shares were acquired. During the second quarter, AQR Capital Management LLC made a 26.4% increase in the proportion of Owens Corning stock held directly by the company. AQR Capital Management LLC now has 1,931,471 of the construction company’s stock after purchasing an additional 403,154 shares throughout the most recent period. The stock is currently valued at $142,272,000. During the second quarter, Renaissance Technologies LLC saw a 346.0% increase in the proportion of Owens Corning stock it owned, thanks to the company’s recent acquisitions. Renaissance Technologies LLC now owns 369,259 shares of the construction company’s stock, which has a value of $27,440,000 after purchasing an additional 286,459 shares of the company’s stock during the most recent period. This brings the total number of shares owned by Renaissance Technologies LLC to 369,259 shares. Last but certainly not least, during the second quarter, Deutsche Bank AG increased the amount of Owens Corning stock it owned to 22.3%. This is not to be considered the least significant accomplishment. After making an additional purchase of 247,486 shares during the period in question, Deutsche Bank AG now has a total of 1,358,924 shares of the construction company’s stock, which have an estimated value of $100,983,000. This brings the total number of shares that Deutsche Bank AG owns in the construction company to 1,388,924. Institutional investors and hedge funds currently control 94.59% of the company’s stock, making them its largest shareholders.
Recently, the subject of interest for several research publications has shifted to focus on OC. In a research report published on October 27, Credit Suisse Group lowered their “neutral” rating on Owens Corning stock to “underweight,” lowering their price objective on the stock from $98.00 to $90.00. Both of these changes were made. Barclays announced on Wednesday, December 14, that they would lower their price target on Owens Corning stock from $91.00 to $86.00. The announcement was made in a research report that was published that day. According to a research note published on Tuesday, Citigroup increased its price objective on Owens Corning stock from $88.00 to $90.00. In a research report made public on Tuesday, Deutsche Bank Aktiengesellschaft announced that they had increased their price objective on shares of Owens Corning from $99.00 to $100.00 and that they had upgraded their “hold” rating on the stock. All of these changes resulted from the fact that they raised their price objective on the stock. In a report released on Tuesday, December 20, JPMorgan Chase & Co. lowered its price objective for shares of Owens Corning from $85.00 to $79.00 and downgraded the stock from a “neutral” rating to an “underweight” rating. This was the last of the three changes that were made. Six analysts recommend buying the stock, seven recommend including the stock in one’s portfolio, and two recommend selling the stock. The current price objective for Owens Corning is reportedly set at $100.93, and the company is given an average recommendation of “Hold” by analysts and investors. Bloomberg provided the data.
On Friday, the opening price of a share on the NYSE: OC was $90.32 per share. The company’s moving averages for the past 50 days and the last 200 days, respectively, are currently sitting at $89.47 and $85.72; the company has a P/E ratio of 6.72, a PEG ratio of 0.78, and a beta value of 1.42, all of which contribute to its market capitalization of $8.44 billion. Owens Corning has hit a low point over the past 52 weeks of $72.97, while the company has hit a high point over the past 52 weeks of $101.12. The current ratio to the quick ratio is 1.77; the current ratio to the quick ratio is 1.11; and the debt to equity ratio is 0.64%.
The most recent earnings report for Owens Corning, which is traded on the NYSE under the ticker symbol OC, was released on October 26. The construction company announced that its earnings per share (EPS) for the quarter came in at $3.57, which was $0.40 more than the average estimate among market experts. The analysts’ estimates for the company’s quarterly sales ranged from $2.55 billion to $2.53 billion. The analysts provided this range of estimates. The return on equity for Owens Corning was 27.52%, while the company’s net margin was 13.99%. Compared to the same quarter in the prior year, Owens Corning experienced a rise in revenue that was 14.3% higher than the previous year. In the same period the year before, the company reported $2.52 per share earnings. As a result, sell-side analysts forecast that Owens Corning will achieve earnings per share of $12.67 during the current fiscal year.
In addition, the company has declared a quarterly dividend, which will be paid out on the nineteenth of this month. As a result, shareholders who are “on record” as of January 4 and January 4 will be eligible to receive a dividend payment of $0.52 per share, which will be distributed. This results in a dividend payment of $2.08 per year and a yield of 2.30 percent on the investment overall. On January 3 January 3, a decision will be made regarding whether or not this dividend will be distributed to shareholders. This represents an increase from the previous dividend payment of $0.35 made by Owens Corning every quarter as a form of distribution to shareholders. At this point, the payout ratio for Owens Corning is 15.31%.
In related news, on November 28, a company insider named Marcio A. Sandri sold 3,600 shares of Owens Corning stock. This information is relevant to the topic at hand. The stock was sold for a total value of $324,216.00, with a price per share that averaged $90.06; revenue was generated from the stock sale. Following the completion of the sale, the corporate insider will have 46,428 shares, resulting in a total value of $4,181,305.68. If you follow this link, you will be taken to the SEC filing, where the transaction was discussed in more detail. On Monday, November 28 November 28, a business insider named Marcio A. Sandri made a transaction in which he sold 3,600 shares of company stock. Again, this transaction was related to this topic. The stock was sold for a total value of $324,216.00, with a price per share that averaged $90.06; revenue was generated from the stock sale. Following the conclusion of the transaction, the company insider is now the direct owner of 46,428 shares of the company’s stock. This amounts to approximately $4,181,305.68 at the current stock price, so keep that in mind. If you follow this link, you will be taken to a file submitted to the SEC, which will provide you with additional information regarding the sale.
Additionally, 2,181 shares of the company’s stock were sold by Kelly Schmidt on Friday, December 9. The sale of the shares brought in a total of $204,446.94, and the price paid for each share, on average, was $93.74. The current company vice president owns 13,018 shares of the company’s stock, which have a combined value of approximately $1,220,307.32. Disclosures that are related to the sale might be found in this section of the website. The company’s management and employees collectively own 0.44% of the company’s total shares of stock.