In a recent transaction on June 13, Todd W. Fister, the Executive Vice President and Chief Financial Officer of Owens Corning (NYSE:OC), sold 3,000 shares of the company's stock at an average price of $180.85 per share, resulting in a total sale value of $542,550. This transaction was made public through an SEC filing on June 17.
Owens Corning (NYSE:GLW), a company known for its building and industrial materials, including insulation, roofing, and fiberglass composites, has seen its shares traded by insiders, which often draws the attention of investors seeking to understand the company's internal perspective on its stock's performance.
Following the sale, Fister still owns a substantial number of Owens Corning shares, with his latest holdings totaling 34,626.217 shares. It's worth noting that this figure includes an acquisition of 179 shares through the company's Employee Stock Purchase Plan on May 31, 2024, which is exempt under Rule 16b-3(c).
Investors and analysts often scrutinize insider transactions as they can provide insights into how the company’s top executives view the stock's value and future performance. However, these transactions can occur for various reasons and may not necessarily be indicative of the company’s outlook.
Owens Corning has its headquarters in Toledo, Ohio, and operates under the leadership of a management team that includes Fister as EVP & CFO. The company remains a significant player in its industry, with a broad portfolio of products and a global presence.
The details of the transaction are formally documented in the Form 4 filed with the Securities and Exchange Commission, which provides transparency into the trading activities of the company's insiders. The recent sale by CFO Todd W. Fister represents a notable change in his investment in Owens Corning, and it will be interesting to see how this aligns with the company's performance in the coming quarters.
"In other recent news, Owens Corning has seen significant developments. The company recently completed its acquisition of Masonite International (NYSE:DOOR) Corporation, a strategic move that is expected to generate strong free cash flow and expand its branded residential products portfolio. The acquisition also led to the appointment of Chris Ball (NYSE:BALL) as President of the newly formed Doors business. Following the acquisition, RBC Capital updated its financial estimates for Owens Corning, leading to a raised price target on the company's shares from $192.00 to $201.00. The company's earnings per share for fiscal year 2024 have been slightly reduced to $14.86, accounting for increased expenses related to the acquisition. However, growth in synergies and free cash flow is expected to contribute to debt reduction, and earnings per share are anticipated to increase to $15.70 in fiscal year 2025. Goldman Sachs reinstated its coverage on Owens Corning, assigning a Neutral rating to the stock with a price target set at $187.00, acknowledging the company's potential for a modest 6% upside. These are recent developments in the company's operations."
InvestingPro Insights
Amidst the recent insider trading activity at Owens Corning, the company's financial health and market performance continue to be of interest to investors. With a market capitalization of $15.35 billion, Owens Corning is maintaining a solid position in the industry. The company's Price-to-Earnings (P/E) ratio stands at a favorable 14.2, which has adjusted down to 12.32 over the last twelve months as of Q1 2024, indicating a potentially undervalued stock in comparison to its earnings.
Investors might also note that Owens Corning's dividend yield as of the last recorded date is 1.36%, with a significant dividend growth of 15.38% over the last twelve months as of Q1 2024. This aligns with one of the InvestingPro Tips highlighting that the company has raised its dividend for 5 consecutive years and has maintained dividend payments for 11 consecutive years. Such a consistent dividend history could be appealing to income-focused investors.
Moreover, the company's stock has experienced a robust 46.89% one-year price total return, demonstrating a strong performance and potentially rewarding investors who have held onto their shares. This performance is consistent with another InvestingPro Tip which notes a high return over the last decade, further reinforcing the company's track record of delivering value to shareholders.
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