Commerce Bank Acquires New Shares in Owens Corning Inc $OC

Key Points

• Commerce Bank acquired 57,015 Owens Corning shares in the second quarter, valued at approximately $9.1 million and representing a 0.07% stake. Institutional investors collectively own 88.4% of the company.
• Analysts maintain a generally positive outlook, with Owens Corning holding a “Moderate Buy” consensus rating and an average price target of $163.25; several firms recently raised their targets.
• Owens Corning beat quarterly expectations with $3.93 in EPS versus $3.09 expected and $2.76 billion in revenue. The company also paid a quarterly dividend of $0.79 per share, equivalent to a 2.1% annualized yield.

Commerce Bank acquired a new position in Owens Corning Inc (NYSE:OC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 57,015 shares of the construction company's stock, valued at approximately $9,063,000. Commerce Bank owned 0.07% of Owens Corning as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Pitcairn Co. lifted its stake in shares of Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock valued at $250,000 after purchasing an additional 80 shares during the last quarter. First Pacific Financial raised its holdings in Owens Corning by 2.3% in the 1st quarter. First Pacific Financial now owns 3,749 shares of the construction company's stock valued at $406,000 after buying an additional 85 shares during the period. Viawealth LLC raised its holdings in Owens Corning by 3.6% in the 4th quarter. Viawealth LLC now owns 2,563 shares of the construction company's stock valued at $287,000 after buying an additional 88 shares during the period. Fifth Third Wealth Advisors LLC lifted its position in Owens Corning by 2.9% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company's stock valued at $343,000 after buying an additional 90 shares during the last quarter. Finally, Basecamp Wealth Advisors LLC boosted its stake 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 buying an additional 97 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Insiders Place Their Bets

In related news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on OC shares. Royal Bank Of Canada boosted their price target on shares of Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a research note on Friday, July 10th. Barclays increased their price objective on shares of Owens Corning from $170.00 to $177.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Citigroup lifted their target price on shares of Owens Corning from $149.00 to $177.00 and gave the company a "buy" rating in a report on Friday, August 7th. The Goldman Sachs Group boosted their target price on Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a research report on Friday, July 10th. Finally, Evercore restated an "outperform" rating and set a $193.00 price target on shares of Owens Corning in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $163.25.

Owens Corning Trading Down 0.1%

OC opened at $147.92 on Monday. The business has a fifty day moving average price of $143.26 and a 200 day moving average price of $127.33. 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 Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The stock has a market capitalization of $11.69 billion, a price-to-earnings ratio of -18.35, a PEG ratio of 2.23 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly 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. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.Owens Corning's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the company earned $4.21 EPS. Sell-side analysts expect that Owens Corning Inc will post 9.9 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were issued a $0.79 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.1%. Owens Corning's dividend payout ratio (DPR) is -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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