Highland Peak Capital LLC Acquires Shares of 225,919 Owens Corning Inc $OC

Key Points

• Highland Peak Capital opened a new position of 225,919 shares in Owens Corning in Q3, worth about $31.96 million and representing roughly 10.5% of the firm's holdings (OC is their 4th-largest position), with Highland Peak owning ~0.27% of the company.
• Owens Corning missed quarterly expectations, reporting EPS of $1.10 versus $1.36 expected and revenue of $2.14 billion (down 16.8% year-over-year), and posted a negative net margin of 5.17%.
• The company declared a quarterly dividend of $0.79 ($3.16 annualized, ~2.7% yield) and the stock carries a consensus analyst rating of Moderate Buy with a $151.58 average price target amid mixed individual analyst revisions.

Highland Peak Capital LLC bought a new position in Owens Corning Inc (NYSE:OC - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 225,919 shares of the construction company's stock, valued at approximately $31,959,000. Owens Corning accounts for approximately 10.5% of Highland Peak Capital LLC's holdings, making the stock its 4th biggest position. Highland Peak Capital LLC owned approximately 0.27% of Owens Corning at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Owens Corning by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company's stock worth $1,367,977,000 after purchasing an additional 131,795 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Owens Corning by 6.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company's stock valued at $273,101,000 after purchasing an additional 110,452 shares in the last quarter. LSV Asset Management boosted its position in shares of Owens Corning by 0.3% in the third quarter. LSV Asset Management now owns 1,449,562 shares of the construction company's stock worth $205,055,000 after buying an additional 4,370 shares during the period. Norges Bank purchased a new position in shares of Owens Corning during the second quarter valued at $163,719,000. Finally, Qube Research & Technologies Ltd grew its holdings in shares of Owens Corning by 43.0% during the second quarter. Qube Research & Technologies Ltd now owns 1,102,722 shares of the construction company's stock valued at $151,646,000 after buying an additional 331,835 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on OC. UBS Group increased their price objective on Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Zacks Research upgraded shares of Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, January 12th. Wells Fargo & Company upped their price objective on shares of Owens Corning from $145.00 to $155.00 and gave the company an "overweight" rating in a research note on Wednesday, February 11th. JPMorgan Chase & Co. cut their target price on shares of Owens Corning from $157.00 to $113.00 and set a "neutral" rating for the company in a research report on Tuesday, November 11th. Finally, Citigroup dropped their price target on shares of Owens Corning from $137.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $151.58.

Owens Corning Stock Up 2.0%

Shares of Owens Corning stock opened at $116.84 on Thursday. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20. The stock has a 50 day moving average price of $123.66 and a two-hundred day moving average price of $126.79. The stock has a market capitalization of $9.39 billion, a P/E ratio of -18.26, a PEG ratio of 1.80 and a beta of 1.35.

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

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be given 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 dividend yield of 2.7%. Owens Corning's payout ratio is currently -49.38%.

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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