Assenagon Asset Management S.A. Increases Holdings in Owens Corning Inc $OC

Key Points

• Assenagon Asset Management S.A. increased its holdings in Owens Corning Inc by 7.0% during the second quarter, owning a total of 96,167 shares valued at approximately $13.2 million.
• Several hedge funds, including Livforsakringsbolaget Skandia Omsesidigt and Wealth Enhancement Advisory Services LLC, also raised their stakes in Owens Corning, indicating strong institutional interest in the stock.
• Owens Corning reported earnings of $4.21 per share for the previous quarter, exceeding estimates, while also announcing a quarterly dividend of $0.69 per share with a yield of 1.9%.

Assenagon Asset Management S.A. grew its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 7.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 96,167 shares of the construction company's stock after buying an additional 6,271 shares during the quarter. Assenagon Asset Management S.A. owned 0.11% of Owens Corning worth $13,225,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Owens Corning by 20.8% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 55,750 shares of the construction company's stock valued at $7,667,000 after buying an additional 9,600 shares in the last quarter. IFM Investors Pty Ltd raised its position in Owens Corning by 10.6% in the 2nd quarter. IFM Investors Pty Ltd now owns 21,542 shares of the construction company's stock worth $2,962,000 after purchasing an additional 2,058 shares during the period. NorthCrest Asset Manangement LLC lifted its stake in Owens Corning by 3.9% in the second quarter. NorthCrest Asset Manangement LLC now owns 13,555 shares of the construction company's stock worth $1,969,000 after purchasing an additional 512 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Owens Corning by 122.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 19,369 shares of the construction company's stock worth $2,814,000 after purchasing an additional 10,649 shares during the last quarter. Finally, Swedbank AB boosted its position in shares of Owens Corning by 0.7% during the second quarter. Swedbank AB now owns 317,049 shares of the construction company's stock valued at $43,601,000 after buying an additional 2,308 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

NYSE OC opened at $143.71 on Tuesday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The firm's 50 day moving average price is $147.55 and its 200-day moving average price is $142.52. Owens Corning Inc has a 52-week low of $123.40 and a 52-week high of $214.53. The company has a market cap of $12.02 billion, a PE ratio of 37.33, a P/E/G ratio of 10.31 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. Owens Corning's revenue was up 10.0% compared to the same quarter last year. During the same period last year, the firm earned $4.64 earnings per share. Sell-side analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Stockholders of record on Monday, October 20th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, October 20th. Owens Corning's payout ratio is presently 71.69%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on OC shares. Royal Bank Of Canada cut their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company upped their target price on Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. UBS Group cut their target price on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Evercore ISI upped their target price on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research note on Friday, August 8th. Finally, Barclays upped their target price on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $185.10.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.

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