Barclays PLC Buys 55,628 Shares of Owens Corning Inc $OC

Key Points

• Barclays PLC raised its stake in Owens Corning by 29.6% in Q3, buying 55,628 shares to hold 243,468 shares worth about $34.44 million (≈0.30% of the company).
• Institutional ownership is high at 88.40%, with large moves including Dimensional Fund Advisors holding 1.93 million shares (~$273.1M) and Highland Peak Capital initiating a ~$31.96M stake.
• Owens Corning missed quarterly estimates (EPS $1.10 vs. $1.36 expected) and revenue fell 16.8% YoY; the company announced a $0.79 quarterly dividend (3.0% yield) while analysts' consensus is a "Moderate Buy" with a $151.58 price target amid mixed rating changes.

Barclays PLC raised its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 29.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 243,468 shares of the construction company's stock after acquiring an additional 55,628 shares during the period. Barclays PLC owned approximately 0.30% of Owens Corning worth $34,441,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of OC. Advisory Alpha LLC grew its position in Owens Corning by 11.6% during the 3rd quarter. Advisory Alpha LLC now owns 1,642 shares of the construction company's stock worth $231,000 after acquiring an additional 171 shares during the last quarter. Highland Peak Capital LLC bought a new stake in Owens Corning in the third quarter worth $31,959,000. Viawealth LLC purchased a new stake in shares of Owens Corning during the third quarter valued at approximately $350,000. Dimensional Fund Advisors LP boosted its position in shares of Owens Corning by 6.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company's stock valued at $273,101,000 after buying an additional 110,452 shares during the last quarter. Finally, Cresset Asset Management LLC boosted its holdings in Owens Corning by 171.3% in the third quarter. Cresset Asset Management LLC now owns 12,276 shares of the construction company's stock worth $1,737,000 after purchasing an additional 7,751 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on OC. UBS Group upped their price target on Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, January 12th. JPMorgan Chase & Co. lowered their target price on shares of Owens Corning from $157.00 to $113.00 and set a "neutral" rating for the company in a research note on Tuesday, November 11th. Evercore reduced their price target on shares of Owens Corning from $121.00 to $117.00 and set an "in-line" rating for the company in a report on Thursday, December 4th. Finally, Citigroup cut their target price on Owens Corning from $137.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $151.58.

Owens Corning Stock Performance

NYSE OC opened at $106.30 on Wednesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.42. The stock has a 50-day simple moving average of $123.30 and a two-hundred day simple moving average of $125.43. The firm has a market capitalization of $8.54 billion, a P/E ratio of -16.61, a PEG ratio of 1.74 and a beta of 1.35.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.26). The business had revenue of $2.14 billion during the quarter, compared to analysts' expectations of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. Owens Corning's revenue for the quarter was down 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.22 EPS. On average, equities analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 9th will be given a $0.79 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 dividend on an annualized basis and a yield of 3.0%. Owens Corning's payout ratio is presently -49.38%.

Owens Corning 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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