First Citizens Bank & Trust Co. Takes Position in Owens Corning Inc $OC

First Citizens Bank & Trust Co. bought a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 4,703 shares of the construction company's stock, valued at approximately $647,000.

Several other hedge funds have also modified their holdings of the stock. Archer Investment Corp raised its holdings in shares of Owens Corning by 17.9% during the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after buying an additional 100 shares during the period. Resonant Capital Advisors LLC increased its holdings in Owens Corning by 6.3% during the 1st quarter. Resonant Capital Advisors LLC now owns 1,745 shares of the construction company's stock worth $250,000 after purchasing an additional 103 shares during the last quarter. CreativeOne Wealth LLC increased its holdings in Owens Corning by 6.7% during the 1st quarter. CreativeOne Wealth LLC now owns 1,649 shares of the construction company's stock worth $236,000 after purchasing an additional 103 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in Owens Corning by 7.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 1,823 shares of the construction company's stock worth $260,000 after purchasing an additional 127 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Owens Corning by 6.1% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,443 shares of the construction company's stock worth $349,000 after purchasing an additional 141 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OC has been the topic of several analyst reports. Royal Bank Of Canada dropped their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Evercore ISI dropped their price objective on Owens Corning from $169.00 to $153.00 and set an "in-line" rating on the stock in a report on Tuesday, October 7th. Wells Fargo & Company lifted their price objective on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Finally, UBS Group dropped their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $178.31.

Owens Corning Price Performance

Shares of OC opened at $127.87 on Friday. The firm has a market cap of $10.69 billion, a price-to-earnings ratio of 33.21, a PEG ratio of 9.33 and a beta of 1.32. The stock has a 50 day moving average of $142.69 and a 200-day moving average of $141.19. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 52 week low of $123.23 and a 52 week high of $214.53.

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

Owens Corning Dividend Announcement

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

Owens Corning Company Profile

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.

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