Commerzbank Aktiengesellschaft FI Takes Position in Owens Corning Inc $OC

Key Points

• Commerzbank Aktiengesellschaft FI has acquired a new stake in Owens Corning Inc, purchasing 2,002 shares valued at approximately $276,000 during the second quarter.
• Owens Corning reported a strong quarterly earnings result of $4.21 EPS, exceeding estimates, with a revenue of $2.75 billion for the recent quarter.
• The company declared a quarterly dividend of $0.69 per share, with an annualized yield of 2.2%, to be paid on November 6th.

Commerzbank Aktiengesellschaft FI acquired a new stake in Owens Corning Inc (NYSE:OC - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,002 shares of the construction company's stock, valued at approximately $276,000.

Several other hedge funds also recently added to or reduced their stakes in OC. Bangor Savings Bank purchased a new stake in Owens Corning in the second quarter valued at $28,000. Ameritas Advisory Services LLC acquired a new stake in shares of Owens Corning during the 2nd quarter worth about $42,000. Wayfinding Financial LLC purchased a new stake in Owens Corning in the 1st quarter valued at about $60,000. IFP Advisors Inc lifted its position in Owens Corning by 76.0% in the second quarter. IFP Advisors Inc now owns 461 shares of the construction company's stock valued at $63,000 after buying an additional 199 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock worth $69,000 after buying an additional 184 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Trading Down 2.6%

OC opened at $126.39 on Friday. The business's 50-day simple moving average is $146.51 and its 200-day simple moving average is $141.89. The company has a market cap of $10.57 billion, a P/E ratio of 32.83, a PEG ratio of 9.08 and a beta of 1.32. Owens Corning Inc has a one year low of $123.40 and a one year high of $214.53. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52.

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

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 2.2%. The ex-dividend date is Monday, October 20th. Owens Corning's dividend payout ratio (DPR) is currently 71.69%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. UBS Group decreased their price objective on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Truist Financial lowered their price target on Owens Corning from $165.00 to $135.00 and set a "hold" rating for the company in a research report on Thursday. Wells Fargo & Company boosted their price objective on Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Jefferies Financial Group decreased their target price on Owens Corning from $185.00 to $180.00 and set a "buy" rating on the stock in a research note on Tuesday, October 7th. Finally, Bank of America dropped their price objective on shares of Owens Corning from $180.00 to $168.00 and set a "buy" rating for the company in a report on Wednesday, October 1st. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $178.31.

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.

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