In a recent transaction, Mari Doerfler, the Vice President and Controller of Owens Corning (NYSE:OC), sold 240 shares of the company's stock. The shares were sold at a price of $182.05 each, amounting to a total value of $43,692. This transaction was disclosed in a filing with the Securities and Exchange Commission.
Owens Corning (NYSE:GLW), known for its construction materials and composite solutions, saw this transaction occur on June 12, 2024. The sale by Doerfler has adjusted her holdings in the company to 4,954 shares following the transaction. The details of this sale are publicly available information, as corporate executives’ transactions are required to be reported to the SEC.
Investors and market watchers often pay close attention to insider sales and purchases as they can provide insights into executives’ perspectives on their company's current valuation and future prospects. While the reasons for Doerfler's sale have not been publicly stated, such transactions are a routine part of personal financial management for corporate executives.
Owens Corning's shares are traded on the New York Stock Exchange under the ticker symbol OC, and the company continues to be a key player in its industry. Investors will likely continue to monitor insider transactions as part of their assessment of the company's financial health and strategic direction.
In other recent news, Owens Corning has been the subject of several significant developments. The company completed the acquisition of Masonite International (NYSE:DOOR) Corporation, a transaction valued at approximately $3.9 billion. This strategic expansion is anticipated to boost Owens Corning's annual revenue to $12.5 billion and adjusted EBITDA to $2.9 billion on a synergized basis. Chris Ball (NYSE:BALL), a former leader at Masonite's Global Residential business, has been appointed as President of the new Doors business.
RBC (TSX:RY) Capital has adjusted its financial estimates for Owens Corning following the acquisition. The firm has raised the price target on the company's shares to $201.00 from $192.00, maintaining an Outperform rating. However, the earnings estimate for fiscal year 2024 has been slightly reduced to $14.86, considering increased expenses and a lower volume of share buybacks. RBC Capital also anticipates an increase in Owens Corning's earnings per share to $15.70 by fiscal year 2025, expecting growth in synergies and debt reduction due to free cash flow.
The company's stock target was also raised previously due to strong performance in the Roofing division. The revised 12-month target price of $182 suggests potential for growth in the stock's valuation. These are the recent developments surrounding Owens Corning, as reported by multiple sources.
InvestingPro Insights
Owens Corning (NYSE:OC) has demonstrated a strong financial performance with a market capitalization of $15.3 billion. The company's P/E ratio stands at 14.17, reflecting investor sentiment about its earnings potential. Furthermore, Owens Corning's dividend yield is currently at 1.32%, which is particularly noteworthy as the company has raised its dividend for 5 consecutive years, indicating a commitment to returning value to shareholders.
InvestingPro Tips highlight that Owens Corning has not only managed to maintain dividend payments for 11 consecutive years but has also seen a significant 15.38% dividend growth in the last twelve months as of Q1 2024. This consistent performance is indicative of the company's stable financial health and its ability to generate sufficient cash flows, which can comfortably cover interest payments.
Moreover, the company's stock has had a high return over the last year, with a 51.72% total return, bolstering investor confidence. Analysts have revised their earnings upwards for the upcoming period, which could suggest a positive outlook for the company's future performance. Additionally, with a strong return of 15.02% over the last three months, Owens Corning's stock has been performing well in the short term.
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