Empowered Funds LLC Has $4.87 Million Position in Owens Corning Inc $OC

Key Points

• Empowered Funds LLC increased its Owens Corning stake by 38.8% in the first quarter, owning 44,954 shares valued at approximately $4.87 million. Institutional investors collectively hold 88.4% of the company.
• Analysts maintain a generally positive outlook, with Owens Corning receiving a “Moderate Buy” consensus rating and an average price target of $157.92, above its recent price of $139.13.
• Owens Corning exceeded quarterly earnings and revenue expectations, reporting $1.22 in EPS and $2.27 billion in revenue, while announcing a quarterly dividend of $0.79 per share, equivalent to a 2.3% yield.

Empowered Funds LLC raised its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 38.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,954 shares of the construction company's stock after acquiring an additional 12,573 shares during the quarter. Empowered Funds LLC owned about 0.06% of Owens Corning worth $4,865,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Pitcairn Co. boosted its position 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 worth $250,000 after purchasing an additional 80 shares during the last quarter. First Pacific Financial grew its stake in shares of Owens Corning by 2.3% during the first quarter. First Pacific Financial now owns 3,749 shares of the construction company's stock worth $406,000 after purchasing an additional 85 shares during the period. Viawealth LLC increased its holdings in 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 purchasing an additional 88 shares during the last quarter. Fifth Third Wealth Advisors LLC increased 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 last quarter. Finally, Groupama Asset Managment lifted its stake in Owens Corning by 1.8% in the fourth quarter. Groupama Asset Managment now owns 6,153 shares of the construction company's stock valued at $689,000 after buying an additional 106 shares during the period. Institutional investors own 88.40% of the company's stock.

Analyst Ratings Changes

OC has been the subject of several analyst reports. Weiss Ratings upgraded Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, June 24th. Zacks Research upgraded shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Benchmark reissued a "hold" rating on shares of Owens Corning in a research note on Wednesday, July 15th. Royal Bank Of Canada boosted their price objective on shares of Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a report on Friday, July 10th. Finally, Bank of America lowered their target price on shares of Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $157.92.

Owens Corning Stock Up 0.2%

NYSE:OC opened at $139.13 on Monday. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The stock has a 50-day moving average price of $133.95 and a two-hundred day moving average price of $124.24. The stock has a market cap of $11.20 billion, a price-to-earnings ratio of -21.05, a PEG ratio of 2.70 and a beta of 1.32. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27.

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 company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter last year, the firm posted $2.97 earnings per share. Owens Corning's revenue was down 10.5% compared to the same quarter last year. As a group, equities analysts expect that Owens Corning Inc will post 9.55 earnings per share for the current year.

Owens Corning Announces Dividend

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

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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 on 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 of the company's stock, valued at $374,005.56. This represents a 38.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company 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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