In a recent transaction, Marcio A. Sandri, President of Composites at Owens Corning (NYSE:OC), sold 3,051 shares of the company's stock. The sale, dated September 19, 2024, was executed at a price of $176.50 per share, resulting in a total value of $538,501.50.
The transaction was disclosed in a filing with the Securities and Exchange Commission. Following the sale, Sandri's direct holdings in Owens Corning (NYSE:GLW) shares decreased, but he still owns a substantial number of shares in the company.
Owens Corning, a company known for its building and industrial materials, including insulation, roofing, and fiberglass composites, is headquartered in Toledo, Ohio. The company has been a significant player in the industry, classified under the Abrasive Asbestos & Misc Nonmetallic Mineral Products sector.
Investors often monitor insider transactions as they can provide insights into how executives view the stock's value and future performance. However, these transactions can be subject to various motivations and do not necessarily indicate a specific trend.
The disclosed sale by an executive at Owens Corning represents a notable change in an insider's stake in the company and is information that shareholders and potential investors may consider as part of their investment decision-making process.
In other recent news, Owens Corning has seen a series of significant developments. The company reported a substantial increase in earnings, with a 10% rise in adjusted EBIT to $588 million and a 12% increase in adjusted EBITDA to $742 million. This growth was bolstered by the strategic acquisition of Masonite, further enhancing Owens Corning's portfolio of residential building products.
In response to these achievements, analyst firms Loop Capital and RBC (TSX:RY) Capital Markets have updated their ratings. Despite a cautious outlook for the Doors segment, Loop Capital has maintained a Buy rating on Owens Corning. RBC Capital Markets has raised its price target and maintained an Outperform rating, expecting an EPS of $4.14 for the third quarter, a slight increase from the prior estimate of $4.07.
Additionally, Owens Corning has amended its bylaws, aligning with recent Delaware court decisions. The changes, adopted by the Board of Directors, focus on the requirements for disclosing beneficial ownership information, particularly regarding derivative interests. These modifications aim to ensure transparency and compliance in the company's governance processes.
These recent developments highlight Owens Corning's continuous success in its business operations and its strategic moves towards capacity expansion.
InvestingPro Insights
Owens Corning (NYSE:OC) has demonstrated a commitment to shareholder returns, as evidenced by its consistent dividend payments and growth. The company has maintained dividend payments for 11 consecutive years and has raised its dividend for 6 consecutive years. This track record of dividend reliability and growth can be particularly attractive to income-focused investors. Additionally, analysts are optimistic about the company's profitability, predicting Owens Corning will be profitable this year. The company has also been profitable over the last twelve months, which further solidifies its financial stability.
From a valuation perspective, Owens Corning's market capitalization stands at $15.16 billion, with a P/E ratio of 14.68, which adjusts to a more attractive 12.33 when looking at the last twelve months as of Q2 2024. The company's price-to-book ratio during the same period is 2.78, indicating that the stock may be reasonably valued in relation to its net assets. Furthermore, Owens Corning has experienced a revenue growth of 1.69% over the last twelve months as of Q2 2024, showing that the company is managing to expand its sales amidst challenging market conditions.
For investors seeking additional insights and metrics on Owens Corning, there are more InvestingPro Tips available, which can be found at https://www.investing.com/pro/OC. The platform provides a wealth of data and analysis to help investors make informed decisions, including a total of 7 InvestingPro Tips for Owens Corning that cover various aspects of the company's performance and outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.