Kimelman & Baird LLC Buys Shares of 195,925 Owens Corning Inc $OC

Key Points

• Kimelman & Baird LLC acquired 195,925 Owens Corning shares worth approximately $31.1 million, representing about 0.25% of the company and 1.7% of the firm’s portfolio. Institutional investors collectively own 88.4% of OC.
• Owens Corning exceeded quarterly expectations, reporting $3.93 EPS versus the $3.09 consensus and $2.76 billion in revenue, up slightly year over year.
• The company pays a quarterly dividend of $0.79 per share, equivalent to a 2.2% annualized yield, while analysts maintain a “Moderate Buy” consensus with an average price target of $165.31.

Kimelman & Baird LLC purchased a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 195,925 shares of the construction company's stock, valued at approximately $31,144,000. Owens Corning makes up approximately 1.7% of Kimelman & Baird LLC's holdings, making the stock its 26th biggest holding. Kimelman & Baird LLC owned approximately 0.25% of Owens Corning as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its position in shares of Owens Corning by 178.2% in the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company's stock worth $20,888,000 after acquiring an additional 119,566 shares during the period. Louisiana State Employees Retirement System acquired a new position in Owens Corning in the 1st quarter worth about $2,576,000. Raiffeisen Bank International AG raised its holdings in Owens Corning by 12.4% in the 4th quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company's stock worth $39,976,000 after purchasing an additional 38,885 shares during the period. Tiptree Advisors LLC purchased a new position in Owens Corning during the second quarter worth approximately $11,445,000. Finally, Systematic Financial Management LP boosted its position in Owens Corning by 10.8% during the fourth quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company's stock worth $27,355,000 after purchasing an additional 23,873 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Price Performance

Shares of NYSE OC opened at $143.27 on Friday. The firm has a 50-day simple moving average of $145.16 and a 200-day simple moving average of $127.84. 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 price-to-earnings ratio of -17.78, a price-to-earnings-growth ratio of 2.16 and a beta of 1.32. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping analysts' consensus estimates of $3.09 by $0.84. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates 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 was up .3% on a year-over-year basis. During the same period last year, the company posted $4.21 EPS. On average, equities analysts predict 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. Investors 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 (DPR) is presently -39.21%.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of recent analyst reports. Barclays boosted their price objective on Owens Corning from $170.00 to $177.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Wells Fargo & Company lifted their price target on shares of Owens Corning from $150.00 to $165.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Citigroup boosted 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. Weiss Ratings upgraded shares of Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, June 24th. Finally, Royal Bank Of Canada increased their price objective on shares of Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $165.31.

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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