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Jose Mendez-Andino, the Executive Vice President and Chief R&D Officer at Owens Corning (NYSE:OC), recently sold 1,821 shares of the company’s common stock. The shares were sold at a price of $179.22 each, totaling $326,359. Following this transaction, Mendez-Andino holds 11,852.583 shares directly. The sale was disclosed in a filing with the Securities and Exchange Commission, and it was conducted under a pre-arranged trading plan. While this insider sale occurred, InvestingPro data shows management has been actively buying back shares, and the company maintains a healthy dividend growth of 33% in the last twelve months. For deeper insights into insider trading patterns and comprehensive analysis, check out the Pro Research Report available on InvestingPro, covering over 1,400 US stocks.
In other recent news, Owens Corning has made several significant announcements. The company has agreed to sell its glass reinforcements business to Triumph Non-Ionics Pvt Ltd. and 3B Lux S.à.r.l for an enterprise value of $755 million. The divestiture is expected to conclude by 2025, subject to regulatory approvals. Owens Corning anticipates net proceeds of approximately $360 million from the deal, which will be allocated towards growth investments and shareholder returns.
Furthermore, Owens Corning has disclosed plans to establish a new shingle manufacturing facility in the southeastern United States. The facility, set to begin production in 2027, aims to meet the increasing demand for the company’s shingle products. The new plant will focus on the production of high-performing laminate shingles, including the premium Duration® series.
Recently, Fitch Ratings upgraded Owens Corning’s Long-Term Issuer Default Rating (IDR), senior unsecured notes, and revolving credit facility ratings to ’BBB+’ from ’BBB’, indicating a stable outlook. This upgrade reflects the company’s improved business profile and deleveraging following its $3.9 billion acquisition of Masonite International (NYSE:DOOR) Corporation in May 2024.
Owens Corning also announced a 15% increase in its quarterly cash dividend, demonstrating the company’s financial performance and commitment to delivering shareholder value. Lastly, the company’s Board of Directors has appointed Michelle T. Collins as a new independent director, while W. Howard Morris, a current director, has decided not to stand for re-election at the 2025 Annual Meeting of Stockholders. These are the latest developments in Owens Corning’s ongoing business operations.
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