Dala Group LLC Takes $1.62 Million Position in Owens Corning Inc $OC

Key Points

• Dala Group LLC acquired 10,171 Owens Corning shares worth approximately $1.62 million in the second quarter, making OC its 19th-largest holding and 1.3% of its portfolio. Institutional investors collectively own 88.4% of the company.
• Analysts maintain a generally positive view, with Owens Corning receiving a consensus “Moderate Buy” rating and an average price target of $163.25. Recent target increases included Deutsche Bank and Wells Fargo raising their targets to $165.
• Owens Corning exceeded quarterly earnings expectations, reporting $3.93 EPS versus the $3.09 consensus and $2.76 billion in revenue. The company also pays a quarterly dividend of $0.79, equivalent to a 2.1% annual yield.

Dala Group LLC purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,171 shares of the construction company's stock, valued at approximately $1,617,000. Owens Corning comprises approximately 1.3% of Dala Group LLC's portfolio, making the stock its 19th largest position.

Several other large investors have also recently made changes to their positions in OC. Louisiana State Employees Retirement System purchased a new stake in shares of Owens Corning during the first quarter worth $2,576,000. BNP Paribas Financial Markets lifted its stake in shares of Owens Corning by 178.2% in the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company's stock worth $20,888,000 after buying an additional 119,566 shares in the last quarter. Raiffeisen Bank International AG lifted its stake in shares of Owens Corning by 12.4% in the fourth quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company's stock worth $39,976,000 after buying an additional 38,885 shares in the last quarter. Systematic Financial Management LP boosted its position in Owens Corning by 10.8% during the fourth quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company's stock worth $27,355,000 after acquiring an additional 23,873 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in Owens Corning by 460.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company's stock valued at $146,940,000 after acquiring an additional 1,078,877 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on OC. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Truist Financial set a $198.00 price target on Owens Corning in a research report on Thursday, August 6th. Weiss Ratings raised Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, June 24th. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Finally, Wells Fargo & Company lifted their price objective on Owens Corning from $150.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 14th. One research 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 given a Sell rating to the company. According to data from MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and a consensus price target of $163.25.

Owens Corning Stock Performance

NYSE OC opened at $150.78 on Wednesday. The stock has a fifty day simple moving average of $141.49 and a 200-day simple moving average of $126.73. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The stock has a market cap of $11.92 billion, a PE ratio of -18.71, a P/E/G ratio of 2.33 and a beta of 1.32. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period in the previous year, the firm earned $4.21 EPS. Owens Corning's revenue was up .3% on a year-over-year basis. Equities analysts anticipate that Owens Corning Inc will post 9.9 earnings per share for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning's payout ratio is -39.21%.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the company's 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 transaction, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

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.

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