Ieq Capital LLC Invests $18.23 Million in Owens Corning Inc $OC

Key Points

• Ieq Capital acquired a new $18.23 million stake in Owens Corning, purchasing 114,687 shares, while institutional investors collectively own 88.4% of the company.
• Analysts maintain a generally positive outlook, with Owens Corning rated “Moderate Buy” and an average price target of $163.25; Barclays raised its target to $177 and Evercore set a $193 target.
• Owens Corning exceeded quarterly expectations, reporting $3.93 in adjusted EPS versus the $3.09 consensus and $2.76 billion in revenue, while maintaining a $0.79 quarterly dividend, yielding about 2.1%.

Ieq Capital LLC bought a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 114,687 shares of the construction company's stock, valued at approximately $18,231,000. Ieq Capital LLC owned approximately 0.15% of Owens Corning as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of OC. Pitcairn Co. boosted its holdings in shares of Owens Corning by 4.6% during the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock valued at $250,000 after purchasing an additional 80 shares during the last quarter. First Pacific Financial increased its holdings in shares of Owens Corning by 2.3% in the first quarter. First Pacific Financial now owns 3,749 shares of the construction company's stock worth $406,000 after purchasing an additional 85 shares during the last quarter. Viawealth LLC lifted its position in shares of Owens Corning by 3.6% in the fourth quarter. Viawealth LLC now owns 2,563 shares of the construction company's stock worth $287,000 after buying an additional 88 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its stake in Owens Corning by 2.9% during the first quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company's stock valued at $343,000 after buying an additional 90 shares during the last quarter. Finally, Basecamp Wealth Advisors LLC boosted its stake in Owens Corning by 3.0% during the first quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company's stock valued at $359,000 after buying an additional 97 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on OC. Barclays lifted their price objective on Owens Corning from $170.00 to $177.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Wall Street Zen upgraded Owens Corning from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings raised shares of Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, June 24th. Zacks Research raised shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Evercore reiterated an "outperform" rating and set a $193.00 price objective on shares of Owens Corning in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and an average target price of $163.25.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $147.92 on Friday. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The stock's fifty day moving average is $143.26 and its two-hundred day moving average is $127.29. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a market capitalization of $11.69 billion, a PE ratio of -18.35, a price-to-earnings-growth ratio of 2.23 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly 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. The firm had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $4.21 earnings per share. As a group, analysts expect that Owens Corning Inc will post 9.9 earnings per share for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning's payout ratio is currently -39.21%.

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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