Bank of New Hampshire Lowers Holdings in Owens Corning Inc $OC

Key Points

• Bank of New Hampshire significantly reduced its holdings in Owens Corning Inc by 89% in the 2nd quarter, leaving them with only 1,353 shares valued at $186,000.
• Various institutional investors, including Vanguard Group Inc and Price T Rowe Associates Inc., increased their stakes in Owens Corning, indicating strong confidence among major investors.
• Despite the reduced holdings from Bank of New Hampshire, analysts have rated Owens Corning as a "Moderate Buy" with a consensus target price of $185.10, showing positive market sentiment.

Bank of New Hampshire decreased its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 89.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,353 shares of the construction company's stock after selling 10,965 shares during the quarter. Bank of New Hampshire's holdings in Owens Corning were worth $186,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Owens Corning by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after purchasing an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock valued at $339,930,000 after purchasing an additional 957,295 shares in the last quarter. LSV Asset Management lifted its stake in shares of Owens Corning by 1.9% in the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock valued at $210,812,000 after purchasing an additional 27,185 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Owens Corning by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock valued at $123,634,000 after purchasing an additional 5,819 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Owens Corning by 179.0% in the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock valued at $123,287,000 after purchasing an additional 553,864 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OC. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Royal Bank Of Canada reduced their price objective 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. Evercore ISI lifted their price objective 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. UBS Group reduced their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Wells Fargo & Company boosted their price target on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $185.10.

Owens Corning Price Performance

Shares of NYSE OC opened at $149.64 on Wednesday. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $12.51 billion, a price-to-earnings ratio of 38.87, a price-to-earnings-growth ratio of 10.79 and a beta of 1.32. The business has a 50 day simple moving average of $147.69 and a 200-day simple moving average of $142.57.

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

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Monday, July 21st. Owens Corning's payout ratio is 71.69%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.