15,045 Shares in Owens Corning Inc $OC Acquired by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group bought a new stake of 15,045 shares in Owens Corning (NYSE:OC) in Q3, valued at roughly $2.13 million.
• Owens Corning missed quarterly expectations, reporting $1.10 EPS versus $1.36 expected and $2.14 billion in revenue versus $2.17 billion expected, with revenue down 16.8% year-over-year and a negative net margin of 5.17%.
• The company declared a quarterly dividend of $0.79 (annualized $3.16, ~3.0% yield), while institutional investors own about 88.4% of the stock and analysts’ consensus is a "Moderate Buy" with an average price target of $151.58.

Jefferies Financial Group Inc. purchased a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 15,045 shares of the construction company's stock, valued at approximately $2,128,000.

A number of other hedge funds have also recently made changes to their positions in OC. Vanguard Group Inc. raised its position in shares of Owens Corning by 1.3% in the second quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company's stock worth $1,367,977,000 after buying an additional 131,795 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Owens Corning by 6.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company's stock worth $273,101,000 after buying an additional 110,452 shares in the last quarter. LSV Asset Management grew its position in Owens Corning by 0.3% during the third quarter. LSV Asset Management now owns 1,449,562 shares of the construction company's stock worth $205,055,000 after buying an additional 4,370 shares in the last quarter. Norges Bank bought a new position in Owens Corning in the 2nd quarter worth about $163,719,000. Finally, First Trust Advisors LP increased its stake in Owens Corning by 27.0% in the 3rd quarter. First Trust Advisors LP now owns 1,169,485 shares of the construction company's stock worth $165,435,000 after acquiring an additional 248,759 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, January 12th. Royal Bank Of Canada set a $143.00 price objective on shares of Owens Corning in a research report on Friday, January 9th. Evercore lowered their target price on shares of Owens Corning from $121.00 to $117.00 and set an "in-line" rating on the stock in a research note on Thursday, December 4th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Owens Corning in a research report on Monday, December 29th. Finally, Argus raised shares of Owens Corning to a "strong-buy" rating in a research note on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Owens Corning has a consensus rating of "Moderate Buy" and an average price target of $151.58.

Owens Corning Stock Performance

NYSE OC opened at $106.30 on Wednesday. The company has a 50-day simple moving average of $123.30 and a two-hundred day simple moving average of $125.43. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42. The firm has a market cap of $8.54 billion, a price-to-earnings ratio of -16.61, a PEG ratio of 1.74 and a beta of 1.35.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The company had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.17 billion. During the same quarter in the prior year, the firm posted $3.22 EPS. The firm's quarterly revenue was down 16.8% on a year-over-year basis. On average, equities analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, March 9th. Owens Corning's dividend payout ratio (DPR) is presently -49.38%.

Owens Corning Profile

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.

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