Corient Private Wealth LP Acquires New Position in Owens Corning Inc $OC

Key Points

• Corient Private Wealth acquired 30,120 Owens Corning shares during the second quarter, valued at approximately $4.8 million. Institutional investors and hedge funds collectively own 88.4% of the company.
• Owens Corning reported quarterly EPS of $3.93, beating analyst expectations of $3.09, while revenue reached $2.76 billion. The company also pays a quarterly dividend of $0.79 per share, equating to a 2.3% yield.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $165.31, compared with the stock’s reported price of $138.34.

Corient Private Wealth LP bought a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 30,120 shares of the construction company's stock, valued at approximately $4,787,000.

Other hedge funds also recently added to or reduced their stakes in the company. Pitcairn Co. grew its stake in shares of Owens Corning by 4.6% in the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock worth $250,000 after acquiring an additional 80 shares in the last quarter. First Pacific Financial raised its stake in shares of Owens Corning by 2.3% in the first quarter. First Pacific Financial now owns 3,749 shares of the construction company's stock valued at $406,000 after acquiring an additional 85 shares in the last quarter. Viawealth LLC raised its stake in shares of Owens Corning by 3.6% in the fourth quarter. Viawealth LLC now owns 2,563 shares of the construction company's stock valued at $287,000 after acquiring an additional 88 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings 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 purchasing an additional 90 shares during the period. Finally, Basecamp Wealth Advisors LLC boosted its holdings in Owens Corning by 3.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company's stock valued at $359,000 after purchasing an additional 97 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Performance

NYSE:OC opened at $138.34 on Tuesday. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The firm has a market capitalization of $10.94 billion, a PE ratio of -17.16, a price-to-earnings-growth ratio of 2.15 and a beta of 1.32. The business's fifty day moving average price is $145.43 and its 200 day moving average price is $127.78.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business earned $4.21 EPS. On average, sell-side analysts anticipate that Owens Corning Inc will post 9.9 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a dividend of $0.79 per share. The ex-dividend date was Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.3%. Owens Corning's payout ratio is presently -39.21%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. DA Davidson began coverage on Owens Corning in a report on Monday, August 24th. They set a "buy" rating and a $190.00 price target on the stock. Wells Fargo & Company lifted their price objective on Owens Corning from $150.00 to $165.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Weiss Ratings raised Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, June 24th. Citigroup upped their target price on shares of Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Finally, Evercore restated an "outperform" rating and set a $193.00 target price on shares of Owens Corning in a research note on Thursday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $165.31.

About Owens Corning

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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