Dala Group LLC Purchases Shares of 10,936 Owens Corning Inc $OC

Key Points

• Dala Group LLC initiated a position in Owens Corning by purchasing 10,936 shares valued at approximately $1.18 million. Institutional investors collectively own 88.4% of the company.
• Owens Corning exceeded quarterly expectations, reporting $1.22 in EPS and $2.27 billion in revenue, though revenue declined 10.5% year over year.
• The company declared a quarterly dividend of $0.79 per share, equivalent to an annualized $3.16 payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $157.92.

Dala Group LLC purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 10,936 shares of the construction company's stock, valued at approximately $1,184,000. Owens Corning comprises 1.0% of Dala Group LLC's investment portfolio, making the stock its 23rd largest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Itau Unibanco Holding S.A. bought a new stake in shares of Owens Corning in the fourth quarter valued at about $29,000. Cassaday & Co Wealth Management LLC bought a new position in Owens Corning during the first quarter valued at about $30,000. Measured Wealth Private Client Group LLC bought a new position in Owens Corning during the third quarter valued at about $42,000. Harbour Investments Inc. raised its holdings in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock valued at $36,000 after acquiring an additional 129 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Owens Corning in the 4th quarter worth approximately $37,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Trading Up 0.2%

Shares of OC stock opened at $139.13 on Friday. The company has a market capitalization of $11.20 billion, a P/E ratio of -21.05, a P/E/G ratio of 2.70 and a beta of 1.30. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.91. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27. The firm has a 50-day moving average price of $133.95 and a 200 day moving average price of $124.23.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The business had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the prior year, the company earned $2.97 EPS. Owens Corning's revenue for the quarter was down 10.5% on a year-over-year basis. Research analysts forecast that Owens Corning Inc will post 9.55 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be paid a $0.79 dividend. The ex-dividend date is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.3%. Owens Corning's dividend payout ratio (DPR) is -47.81%.

Insider Transactions at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the company's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the sale, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This represents a 38.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.92% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on OC. Wells Fargo & Company boosted their price objective on Owens Corning from $150.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Zacks Research upgraded shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Truist Financial raised their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the stock a "hold" rating in a report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $157.92.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.