Benson Investment Management Company Inc. Invests $4.34 Million in Owens Corning Inc $OC

Key Points

• Benson Investment Management Company Inc. invested $4.34 million in Owens Corning Inc. by purchasing 31,535 shares in the second quarter.
• Owens Corning recently reported earnings of $4.21 per share, exceeding the estimated $3.80, alongside a revenue of $2.75 billion for the quarter.
• The company announced a quarterly dividend of $0.69 per share, which will be paid on November 6th to stockholders of record on October 20th.

Benson Investment Management Company Inc. purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 31,535 shares of the construction company's stock, valued at approximately $4,337,000.

A number of other large investors have also recently made changes to their positions in OC. Vanguard Group Inc. boosted its holdings in shares of Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after acquiring an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Owens Corning by 67.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after acquiring an additional 957,295 shares during the period. Nuveen LLC bought a new position in shares of Owens Corning in the first quarter worth $91,698,000. Millennium Management LLC boosted its stake in Owens Corning by 179.0% during the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock valued at $123,287,000 after buying an additional 553,864 shares during the period. Finally, 140 Summer Partners LP bought a new stake in Owens Corning during the first quarter valued at $46,869,000. 88.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

OC has been the subject of several research analyst reports. Evercore ISI dropped their price objective on Owens Corning from $169.00 to $153.00 and set an "in-line" rating for the company in a research note on Tuesday. Bank of America dropped their price objective on Owens Corning from $180.00 to $168.00 and set a "buy" rating for the company in a research note on Wednesday, October 1st. Royal Bank Of Canada dropped their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. UBS Group dropped their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Finally, Jefferies Financial Group dropped their price objective on Owens Corning from $185.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $178.31.

Owens Corning Trading Down 2.6%

Shares of OC stock opened at $126.39 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The business has a 50-day moving average price of $146.51 and a two-hundred day moving average price of $141.94. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The firm has a market cap of $10.57 billion, a P/E ratio of 32.83, a price-to-earnings-growth ratio of 9.32 and a beta of 1.32.

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 (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same quarter in the previous year, the company posted $4.64 earnings per share. The company's revenue was up 10.0% compared to the same quarter last year. Equities analysts anticipate 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 issued a $0.69 dividend. The ex-dividend date is Monday, October 20th. This represents a $2.76 annualized dividend and a dividend yield of 2.2%. Owens Corning's payout ratio is currently 71.69%.

Owens Corning Company Profile

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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