Great Lakes Advisors LLC bought a new stake in Owens Corning Inc (NYSE:OC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 27,225 shares of the construction company's stock, valued at approximately $4,328,000.
Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Owens Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock worth $1,092,883,000 after buying an additional 84,096 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Owens Corning during the 2nd quarter valued at $1,401,161,000. State Street Corp lifted its holdings in shares of Owens Corning by 2.3% during the 3rd quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock worth $514,205,000 after acquiring an additional 81,133 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Owens Corning by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company's stock worth $299,167,000 after acquiring an additional 188,211 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Owens Corning by 9.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company's stock worth $290,321,000 after acquiring an additional 231,871 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.
Owens Corning Stock Down 2.7%
OC opened at $147.19 on Friday. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The business's 50-day moving average price is $142.73 and its 200-day moving average price is $127.15. The company has a market cap of $11.64 billion, a P/E ratio of -18.26, a P/E/G ratio of 2.28 and a beta of 1.32.
Owens Corning (NYSE:OC - Get Free Report) last issued its 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. The company had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.Owens Corning's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $4.21 EPS. On average, equities analysts expect that Owens Corning Inc will post 9.9 EPS for the current year.
Owens Corning Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were issued a $0.79 dividend. The ex-dividend date was Monday, July 20th. This represents a $3.16 annualized dividend and a dividend yield of 2.1%. Owens Corning's dividend payout ratio (DPR) is currently -39.21%.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the company. Wall Street Zen raised Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Barclays upped their price objective on Owens Corning from $170.00 to $177.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Truist Financial set a $198.00 price objective on Owens Corning in a research report on Thursday, August 6th. Evercore reissued an "outperform" rating and set a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. boosted their target price on Owens Corning from $115.00 to $121.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and an average target price of $163.25.
Get Our Latest Analysis on OC
Insider Activity at Owens Corning
In related news, insider Rachel Barthelemy Marcon sold 700 shares of the company's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by insiders.
About Owens Corning
(
Free Report)
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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