Great Lakes Advisors LLC purchased a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 181,829 shares of the construction company's stock, valued at approximately $28,903,000. Great Lakes Advisors LLC owned about 0.23% of Owens Corning at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Owens Corning in the 2nd quarter valued at $1,401,161,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Owens Corning by 460.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company's stock worth $146,940,000 after acquiring an additional 1,078,877 shares during the period. Norges Bank purchased a new stake in shares of Owens Corning in the fourth quarter valued at about $119,748,000. Allspring Global Investments Holdings LLC increased its stake in shares of Owens Corning by 721.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company's stock worth $125,513,000 after acquiring an additional 1,027,800 shares during the period. Finally, Gendell Jeffrey L increased its stake in shares of Owens Corning by 349.3% during the fourth quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company's stock worth $103,188,000 after acquiring an additional 716,839 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.
Owens Corning Stock Performance
Shares of OC stock opened at $150.78 on Wednesday. The stock has a fifty day moving average price of $141.49 and a 200 day moving average price of $126.73. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The stock has a market cap of $11.92 billion, a PE ratio of -18.71, a P/E/G ratio of 2.33 and a beta of 1.32. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91.
Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.Owens Corning's revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.21 earnings per share. Sell-side analysts forecast that Owens Corning Inc will post 9.9 earnings per share for the current fiscal year.
Owens Corning Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.1%. The ex-dividend date was Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is -39.21%.
Insider Transactions at Owens Corning
In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares in the company, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company's stock.
Analyst Ratings Changes
A number of brokerages recently commented on OC. Benchmark restated a "hold" rating on shares of Owens Corning in a research report on Wednesday, July 15th. Truist Financial set a $198.00 target price on Owens Corning in a research report on Thursday, August 6th. Zacks Research raised Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Deutsche Bank Aktiengesellschaft raised their price target on Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Finally, Wells Fargo & Company upped their price objective on Owens Corning from $150.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $163.25.
Check Out Our Latest Research Report on Owens Corning
Owens Corning Profile
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Free Report)
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.
See Also
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).
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