Assenagon Asset Management S.A. Purchases 35,066 Shares of Owens Corning Inc $OC

Key Points

• Assenagon Asset Management increased its Owens Corning position by 777.3% in the second quarter, purchasing 35,066 additional shares and bringing its holdings to 39,577 shares worth approximately $6.29 million. Institutional investors and hedge funds collectively own 88.4% of the stock.
• Owens Corning reported quarterly EPS of $3.93, well above the $3.09 analyst estimate, while revenue reached $2.76 billion versus expectations of $2.66 billion. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $163.25.
• Shares opened at $158.59, near the company’s 52-week high of $159.91. Owens Corning also paid a quarterly dividend of $0.79 per share, equivalent to a $3.16 annualized payout and a 2.0% yield.

Assenagon Asset Management S.A. raised its position in Owens Corning Inc (NYSE:OC - Free Report) by 777.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 39,577 shares of the construction company's stock after purchasing an additional 35,066 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Owens Corning were worth $6,291,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of OC. Baron Wealth Management LLC bought a new stake in Owens Corning in the 2nd quarter valued at approximately $219,000. GAMMA Investing LLC raised its holdings in shares of Owens Corning by 33.5% in the second quarter. GAMMA Investing LLC now owns 2,747 shares of the construction company's stock valued at $437,000 after purchasing an additional 689 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Owens Corning by 13.8% in the second quarter. Versant Capital Management Inc now owns 1,017 shares of the construction company's stock worth $162,000 after purchasing an additional 123 shares in the last quarter. Eastern Bank acquired a new position in Owens Corning during the second quarter worth $70,000. Finally, Basecamp Wealth Advisors LLC boosted its holdings in Owens Corning by 3.0% during the first quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company's stock worth $359,000 after purchasing an additional 97 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

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 stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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.

Analyst Ratings Changes

OC has been the topic of several recent research reports. Evercore reiterated an "outperform" rating and issued a $193.00 price target on shares of Owens Corning in a research note on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft raised their price objective on Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Barclays lifted their target price on Owens Corning from $170.00 to $177.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Truist Financial set a $198.00 price target on Owens Corning in a research report on Thursday, August 6th. Finally, Wall Street Zen raised Owens Corning from a "hold" rating to a "buy" rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $163.25.

Owens Corning Stock Performance

Shares of OC stock opened at $158.59 on Wednesday. The company has a fifty day moving average price of $138.13 and a two-hundred day moving average price of $125.63. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91. The stock has a market cap of $12.54 billion, a P/E ratio of -19.68, a P/E/G ratio of 2.68 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.66 billion. During the same period in the prior year, the firm earned $4.21 EPS. Owens Corning's quarterly revenue was up .3% compared to the same quarter last year. As a group, equities analysts predict that Owens Corning Inc will post 9.65 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a $0.79 dividend. The ex-dividend date was Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.0%. Owens Corning's dividend payout ratio is currently -39.21%.

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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