ARGA Investment Management LP Takes $17.49 Million Position in Owens Corning Inc $OC

Key Points

• ARGA Investment Management disclosed a new position in Owens Corning, buying 161,642 shares valued at about $17.49 million in the first quarter.
• Owens Corning reported better-than-expected quarterly results, with EPS of $1.22 versus the $1.01 consensus and revenue of $2.27 billion, while also announcing a quarterly dividend of $0.79 per share.
• Several analysts remain constructive on the stock, with a consensus rating of “Moderate Buy” and an average target price of $154.08; shares recently traded at $143.27.

ARGA Investment Management LP purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 161,642 shares of the construction company's stock, valued at approximately $17,493,000. ARGA Investment Management LP owned 0.20% of Owens Corning as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in OC. Itau Unibanco Holding S.A. purchased a new position in Owens Corning during the fourth quarter worth about $29,000. Harbour Investments Inc. raised its holdings in shares of Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock valued at $36,000 after acquiring an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Owens Corning in the 4th quarter valued at about $37,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Owens Corning during the 3rd quarter valued at about $42,000. Finally, Global Retirement Partners LLC boosted its position in shares of Owens Corning by 1,173.3% during the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock valued at $43,000 after acquiring an additional 352 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Insider Buying and Selling

In related news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction 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 transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the company's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the sale, the vice president owned 3,093 shares of the company's stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.92% of the company's stock.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $143.27 on Friday. The firm has a market capitalization of $11.54 billion, a PE ratio of -21.67, a price-to-earnings-growth ratio of 2.54 and a beta of 1.30. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The business's 50-day moving average price is $127.01 and its 200-day moving average price is $121.39.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.21. The company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.Owens Corning's quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.97 EPS. Sell-side analysts forecast that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Monday, July 20th. Owens Corning's payout ratio is presently -47.81%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OC. Barclays upped their price objective on shares of Owens Corning from $135.00 to $144.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Truist Financial increased their price target on shares of Owens Corning from $120.00 to $125.00 and gave the stock a "hold" rating in a report on Thursday, May 7th. Wells Fargo & Company raised their price objective on shares of Owens Corning from $135.00 to $150.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Finally, Zacks Research raised shares of Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $154.08.

Owens Corning Company 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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