Free Trial

Envestnet Portfolio Solutions Inc. Buys 3,351 Shares of Owens Corning Inc $OC

Owens Corning logo with Construction background

Key Points

  • Envestnet Portfolio Solutions Inc. has increased its stake in Owens Corning Inc by 124.9%, acquiring an additional 3,351 shares, bringing its total holdings to 6,035 shares valued at approximately $830,000.
  • Owens Corning recently reported a quarterly earnings per share of $4.21, surpassing analysts' estimates of $3.80, and achieved a revenue of $2.75 billion, which is a 10% year-over-year increase.
  • The company has declared a quarterly dividend of $0.69 per share, set to be paid on November 6th, with an annualized yield of 2.2% and a payout ratio of 71.69%.
  • MarketBeat previews top five stocks to own in November.

Envestnet Portfolio Solutions Inc. increased its stake in Owens Corning Inc (NYSE:OC - Free Report) by 124.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,035 shares of the construction company's stock after acquiring an additional 3,351 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Owens Corning were worth $830,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. CWM LLC grew its position in Owens Corning by 40.7% in the 2nd quarter. CWM LLC now owns 44,279 shares of the construction company's stock valued at $6,089,000 after purchasing an additional 12,802 shares during the period. Vanguard Personalized Indexing Management LLC grew its position in Owens Corning by 5.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 26,043 shares of the construction company's stock valued at $3,582,000 after purchasing an additional 1,443 shares during the period. Benson Investment Management Company Inc. acquired a new stake in Owens Corning in the 2nd quarter valued at $4,337,000. Trust Co. of Toledo NA OH acquired a new stake in Owens Corning in the 2nd quarter valued at $172,000. Finally, Aberdeen Group plc grew its position in Owens Corning by 56.3% in the 2nd quarter. Aberdeen Group plc now owns 31,860 shares of the construction company's stock valued at $4,381,000 after purchasing an additional 11,479 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on OC shares. Evercore ISI reduced their price target on shares of Owens Corning from $169.00 to $153.00 and set an "in-line" rating for the company in a research report on Tuesday, October 7th. Wells Fargo & Company lifted their price target on shares of Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. Jefferies Financial Group reduced their price target on shares of Owens Corning from $185.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, October 7th. Barclays lifted their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Finally, Zacks Research downgraded shares of Owens Corning from a "hold" rating to a "strong sell" rating in a report on Wednesday, October 15th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and a consensus target price of $178.31.

Check Out Our Latest Stock Analysis on Owens Corning

Owens Corning Price Performance

OC opened at $127.09 on Monday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The company has a market capitalization of $10.63 billion, a price-to-earnings ratio of 33.01, a P/E/G ratio of 9.22 and a beta of 1.32. The firm's fifty day moving average price is $144.84 and its two-hundred day moving average price is $141.30. Owens Corning Inc has a 1 year low of $123.23 and a 1 year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same period in the previous year, the firm earned $4.64 EPS. The firm's quarterly revenue was up 10.0% on a year-over-year basis. As a group, analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $2.76 annualized dividend and a yield of 2.2%. Owens Corning's payout ratio is currently 71.69%.

Owens Corning Company Profile

(Free Report)

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.

Further Reading

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in Owens Corning Right Now?

Before you consider Owens Corning, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Owens Corning wasn't on the list.

While Owens Corning currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

5G Stocks: The Path Forward is Profitable Cover

Enter your email address and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.

Get This Free Report
Like this article? Share it with a colleague.