Jupiter Topco LLC Makes New $29.89 Million Investment in Owens Corning Inc $OC

Key Points

• Jupiter Topco LLC acquired 188,052 Owens Corning shares worth approximately $29.89 million, giving it a 0.24% stake in the company.
• Institutional investors own 88.4% of Owens Corning, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $165.31.
• Owens Corning surpassed quarterly earnings and revenue expectations, reporting $3.93 in EPS and $2.76 billion in revenue. The company also pays a quarterly dividend of $0.79 per share, equivalent to a 2.2% annual yield.

Jupiter Topco LLC bought a new position in Owens Corning Inc (NYSE:OC - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 188,052 shares of the construction company's stock, valued at approximately $29,889,000. Jupiter Topco LLC owned 0.24% of Owens Corning as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of OC. Vanguard Group Inc. boosted its position in shares of Owens Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock worth $1,092,883,000 after purchasing an additional 84,096 shares during the period. BlackRock Inc. purchased a new stake in Owens Corning during the 2nd quarter valued at approximately $1,401,161,000. State Street Corp raised its position in shares of Owens Corning by 2.3% during the third 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 position in shares of Owens Corning by 7.3% during the first 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 fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company's stock worth $290,321,000 after buying an additional 231,871 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on OC shares. DA Davidson started coverage on shares of Owens Corning in a report on Monday. They issued a "buy" rating and a $190.00 price target on the stock. Wells Fargo & Company lifted their target price on Owens Corning from $150.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. The Goldman Sachs Group boosted their target price on Owens Corning from $141.00 to $159.00 and gave the stock a "neutral" rating in a research report on Friday, July 10th. Wall Street Zen raised Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Truist Financial set a $198.00 price target on Owens Corning in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Owens Corning has an average rating of "Moderate Buy" and a consensus target price of $165.31.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $143.27 on Friday. The firm has a fifty day simple moving average of $145.16 and a two-hundred day simple moving average of $127.84. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. 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 has a market capitalization of $11.33 billion, a P/E ratio of -17.78, a PEG ratio of 2.16 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.66 billion. During the same period in the prior year, the company earned $4.21 EPS. The business's revenue was up .3% compared to the same quarter last year. On average, analysts expect that Owens Corning Inc will post 9.9 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were given a dividend of $0.79 per share. The ex-dividend date was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.2%. Owens Corning's dividend payout ratio is -39.21%.

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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