Hsbc Holdings PLC Buys New Holdings in Owens Corning Inc $OC

Key Points

• HSBC Holdings acquired 20,870 Owens Corning shares during the second quarter, valued at approximately $3.3 million. Institutional investors collectively own 88.4% of the company.
• Owens Corning exceeded quarterly expectations, reporting $3.93 in earnings per share versus the $3.09 consensus estimate, while revenue reached $2.76 billion and rose 0.3% year over year.
• The stock has a “Moderate Buy” consensus rating with an average price target of $165.31, and the company pays a quarterly dividend of $0.79, representing a 2.2% annualized yield.

Hsbc Holdings PLC acquired a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 20,870 shares of the construction company's stock, valued at approximately $3,315,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Owens Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock valued at $1,092,883,000 after purchasing an additional 84,096 shares during the period. BlackRock Inc. acquired a new stake in Owens Corning during the 2nd quarter worth about $1,401,161,000. State Street Corp raised its stake in shares of Owens Corning by 2.3% during the 3rd quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock valued at $514,205,000 after buying an additional 81,133 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Owens Corning by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company's stock valued at $299,167,000 after buying an additional 188,211 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Owens Corning by 9.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company's stock valued at $290,321,000 after buying an additional 231,871 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $143.27 on Friday. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91. The company has a market cap of $11.33 billion, a price-to-earnings ratio of -17.78, a PEG ratio of 2.15 and a beta of 1.32. 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 business's 50 day moving average price is $145.16 and its 200 day moving average price is $127.84.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping analysts' consensus estimates of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the previous year, the firm earned $4.21 earnings per share. Owens Corning's quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts predict that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning's dividend payout ratio is -39.21%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. DA Davidson initiated coverage on Owens Corning in a report on Monday, August 24th. They issued a "buy" rating and a $190.00 price target for the company. Citigroup increased their price target on shares of Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Wells Fargo & Company lifted their price objective on shares of Owens Corning from $150.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Benchmark reissued a "hold" rating on shares of Owens Corning in a research note on Wednesday, July 15th. Finally, Truist Financial set a $198.00 price target on Owens Corning in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $165.31.

Owens Corning 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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