First Trust Advisors LP Grows Stake in Owens Corning Inc $OC

Key Points

• First Trust Advisors increased its stake in Owens Corning by 27.0% in the third quarter to 1,169,485 shares (about 1.42% ownership), buying an additional 248,759 shares valued at roughly $165.4 million.
• Wall Street sentiment is broadly positive: the consensus is a “Moderate Buy” with a $151.58 target, based on 1 Strong Buy, 10 Buy, 5 Hold and 1 Sell ratings and mixed recent target adjustments (e.g., UBS raised to $172, Citigroup trimmed to $135).
• Recent results missed expectations—EPS $1.10 vs. $1.36 estimate and revenue down 16.8% year-over-year to $2.14B—yet the company announced a quarterly dividend of $0.79 ($3.16 annualized, ~2.9% yield); market cap is about $8.82B and the stock trades between $97.53–$159.42 (52-week range).

First Trust Advisors LP increased its position in Owens Corning Inc (NYSE:OC - Free Report) by 27.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,169,485 shares of the construction company's stock after purchasing an additional 248,759 shares during the period. First Trust Advisors LP owned approximately 1.42% of Owens Corning worth $165,435,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Ariel Investments LLC raised its stake in shares of Owens Corning by 24.8% in the second quarter. Ariel Investments LLC now owns 140,449 shares of the construction company's stock worth $19,315,000 after purchasing an additional 27,871 shares during the last quarter. Ashton Thomas Private Wealth LLC boosted its position in shares of Owens Corning by 231.4% during the third quarter. Ashton Thomas Private Wealth LLC now owns 48,843 shares of the construction company's stock valued at $6,909,000 after buying an additional 34,106 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Owens Corning by 6.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company's stock worth $62,840,000 after buying an additional 28,814 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its position in Owens Corning by 6.1% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company's stock worth $5,779,000 after buying an additional 2,421 shares during the last quarter. Finally, Caprock Group LLC purchased a new position in Owens Corning in the 3rd quarter worth about $1,742,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Argus raised shares of Owens Corning to a "strong-buy" rating in a report on Wednesday, January 14th. Citigroup decreased their price objective on shares of Owens Corning from $137.00 to $135.00 and set a "buy" rating for the company in a report on Thursday, January 8th. UBS Group increased their price objective on shares of Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Royal Bank Of Canada set a $143.00 target price on shares of Owens Corning in a research report on Friday, January 9th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Owens Corning in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and a consensus target price of $151.58.

Owens Corning Stock Performance

NYSE:OC opened at $109.71 on Friday. The stock has a 50-day simple moving average of $123.54 and a two-hundred day simple moving average of $126.23. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. The firm has a market capitalization of $8.82 billion, a PE ratio of -17.14, a P/E/G ratio of 1.78 and a beta of 1.35.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same period last year, the business earned $3.22 EPS. The firm's quarterly revenue was down 16.8% compared to the same quarter last year. Analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 9th will be paid a dividend of $0.79 per share. The ex-dividend date is Monday, March 9th. This represents a $3.16 dividend on an annualized basis and a yield of 2.9%. Owens Corning's dividend payout ratio (DPR) is presently -49.38%.

Owens Corning Company 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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