130,000 Shares in Owens Corning Inc $OC Purchased by Edmond DE Rothschild Holding S.A.

Key Points

• Edmond de Rothschild Holding acquired 130,000 Owens Corning shares worth approximately $20.7 million, giving it a 0.16% stake. Institutional investors collectively own 88.4% of the company.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $163.25; several firms recently raised their targets.
• Owens Corning reported quarterly adjusted earnings of $3.93 per share, exceeding estimates of $3.09, while revenue reached $2.76 billion. The company also declared a quarterly dividend of $0.79 per share, implying a 2.1% annual yield.

Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 130,000 shares of the construction company's stock, valued at approximately $20,665,000. Edmond DE Rothschild Holding S.A. owned approximately 0.16% of Owens Corning at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in OC. BNP Paribas Financial Markets lifted its holdings in shares of Owens Corning by 178.2% in the 4th quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company's stock worth $20,888,000 after buying an additional 119,566 shares during the period. Louisiana State Employees Retirement System purchased a new position in shares of Owens Corning during the first quarter valued at $2,576,000. Raiffeisen Bank International AG increased its holdings in Owens Corning by 12.4% during the fourth quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company's stock valued at $39,976,000 after buying an additional 38,885 shares during the period. Systematic Financial Management LP increased its holdings in Owens Corning by 10.8% during the fourth quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company's stock valued at $27,355,000 after buying an additional 23,873 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Owens Corning by 1,243.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 39,134 shares of the construction company's stock worth $4,379,000 after buying an additional 36,222 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares of the company's stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of Owens Corning from $141.00 to $159.00 and gave the stock a "neutral" rating in a report on Friday, July 10th. JPMorgan Chase & Co. boosted their price target on Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Wall Street Zen upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Truist Financial set a $198.00 target price on Owens Corning in a research note on Thursday, August 6th. Finally, Royal Bank Of Canada upped their target price on Owens Corning from $148.00 to $172.00 and gave the stock an "outperform" rating in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Owens Corning has a consensus rating of "Moderate Buy" and an average target price of $163.25.

Owens Corning Price Performance

Shares of OC stock opened at $151.51 on Thursday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The firm's 50-day moving average is $142.22 and its two-hundred day moving average is $126.95. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a market capitalization of $11.98 billion, a PE ratio of -18.80, a price-to-earnings-growth ratio of 2.27 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.66 billion. During the same quarter in the prior year, the company posted $4.21 EPS. The business's revenue for the quarter was up .3% on a year-over-year basis. Analysts predict that Owens Corning Inc will post 9.9 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning's dividend payout ratio is currently -39.21%.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company's core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source