Nisa Investment Advisors LLC Increases Stake in Owens Corning

Nisa Investment Advisors LLC has significantly increased its investment in Owens Corning (NYSE:OC), raising its position by 132.5% during the third quarter of the year, as revealed in a recent filing with the Securities and Exchange Commission (SEC). As a result, the firm now holds 11,893 shares of Owens Corning, having added 6,778 shares to its portfolio during this period. At the close of the most recent quarter, Nisa Investment Advisors LLC's holdings in the company were valued at approximately $2.1 million.

Other institutional investors have also been adjusting their stakes in Owens Corning recently. For instance, ST Germain D J Co. Inc. raised its holdings by a notable 794.1% in the second quarter, now owning 152 shares valued at $26,000 after acquiring an additional 135 shares. Similarly, ORG Partners LLC initiated a new investment during the first quarter worth about $31,000. Innealta Capital LLC and Tobam have also boosted their positions in the second quarter. Notably, Quarry LP increased its stake by 165.5%, owning 231 shares worth $40,000 after securing an additional 144 shares during the recent quarter. Overall, institutional investors now own approximately 88.40% of Owens Corning's stock.

Owens Corning's Share Price and Financial Metrics

The stock of Owens Corning opened at $180.34. Currently, the company features a 50-day simple moving average of $174.13 and a 200-day simple moving average of $172.85. Owens Corning holds a market capitalization of $15.68 billion, with a price-to-earnings (P/E) ratio of 15.27, a price-to-earning-growth (P/E/G) ratio of 2.17, and a beta of 1.41. The company presents a quick ratio of 0.79, a current ratio of 1.37, and a debt-to-equity ratio of 0.91. Its stock has experienced a 52-week range, with a low of $117.32 and a high of $191.44.

Owens Corning's latest quarterly earnings report was released on August 6, revealing earnings per share (EPS) of $4.64, exceeding predictions of $4.37. Despite the revenue of $2.79 billion being below the anticipated $2.92 billion, the company demonstrated an 8.8% increase in revenue year-over-year. Analysts estimate that Owens Corning will achieve an EPS of 15.34 in the current fiscal year.

Dividend Announcement

The company has officially declared a quarterly dividend, set to be distributed on November 4. Shareholders recorded as of October 18 will receive a $0.60 dividend, reflecting an annualized dividend of $2.40 and a yield of 1.33%. The payout ratio stands at 20.32%.

Research Firms' Ratings on Owens Corning

A number of research firms have recently provided updates on Owens Corning. UBS Group raised their target price from $192.00 to $197.00 while maintaining a "buy" rating. Citigroup upgraded Owens Corning from "neutral" to "buy," increasing the target price from $178.00 to $191.00. Conversely, Barclays reduced their price target from $190.00 to $189.00, assigning an "equal weight" rating. Royal Bank of Canada increased their target from $211.00 to $213.00 with an "outperform" rating. Current ratings show that eight analysts have issued a hold rating, while seven have given it a buy rating, leading to a consensus rating of "Hold" at an average price target of $187.77.

Insider Transactions

In recent insider trading activity, Marcio A. Sandri, an insider at Owens Corning, sold 3,051 shares on September 19 at an average price of $176.50, totaling approximately $538,501.50. Post-transaction, Sandri's direct ownership in the company stood at about 57,079 shares, valued at nearly $10.07 million. In another transaction on September 17, Sandri sold 3,050 shares at an average price of $170.00, amounting to $518,500. Upon this sale, Sandri's direct holdings increased to 60,130 shares worth about $10.22 million. Insider ownership accounts for around 0.89% of Owens Corning's stock.

Company Overview

Owens Corning is a manufacturer and seller of building and construction materials, engaging in its operations across the United States, Europe, the Asia Pacific, and globally. The company's activities are categorized into three segments: Roofing, Insulation, and Composites. The Roofing segment focuses on the production and sale of various roofing materials such as laminate and strip asphalt shingles and roofing components for both residential and commercial applications.

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