Empowered Funds LLC Makes New $3.58 Million Investment in Owens Corning Inc $OC

Key Points

• Empowered Funds LLC acquired 22,531 Owens Corning shares worth approximately $3.58 million during the second quarter. Institutional investors and hedge funds collectively own 88.4% of the company.
• Owens Corning reported quarterly earnings of $3.93 per share, beating analyst expectations of $3.09, while revenue reached $2.76 billion versus the $2.66 billion consensus estimate.
• Analysts maintain a generally positive view, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $165.31, compared with a recent price of $133.81.

Empowered Funds LLC acquired a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 22,531 shares of the construction company's stock, valued at approximately $3,582,000.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new stake in Owens Corning during the 2nd quarter worth approximately $1,401,161,000. State Street Corp lifted its stake in Owens Corning by 2.3% in the third quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock valued at $514,205,000 after buying an additional 81,133 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Owens Corning by 7.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company's stock valued at $299,167,000 after buying an additional 188,211 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Owens Corning by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company's stock worth $290,321,000 after acquiring an additional 231,871 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Owens Corning by 22.7% during the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company's stock worth $235,835,000 after acquiring an additional 403,803 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Performance

OC opened at $133.81 on Wednesday. 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 business has a fifty day simple moving average of $145.63 and a 200 day simple moving average of $127.75. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The company has a market capitalization of $10.58 billion, a PE ratio of -16.60, a price-to-earnings-growth ratio of 2.08 and a beta of 1.32.

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

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Monday, July 20th. Owens Corning's dividend payout ratio is presently -39.21%.

Insider Activity at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the business's stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares in the company, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

Analysts Set New Price Targets

OC has been the topic of several research reports. 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 research report on Friday, July 10th. The Goldman Sachs Group lifted their price target on Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a research note on Friday, July 10th. Barclays boosted their price target on Owens Corning from $170.00 to $177.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. DA Davidson started coverage on Owens Corning in a research report on Monday, August 24th. They issued a "buy" rating and a $190.00 target price on the stock. Finally, Wall Street Zen raised shares of Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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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