Nordea Investment Management AB Boosts Stake in Owens Corning Inc $OC

Key Points

• Nordea Investment Management AB increased its stake in Owens Corning Inc by 0.7%, bringing its total holdings to approximately 2,225,800 shares valued at $305.29 million.
• Owens Corning reported quarterly earnings of $4.21 per share, surpassing estimates, with revenues of $2.75 billion—indicating a 10% increase year-over-year.
• The company announced a dividend of $0.69 per share, which will be paid on November 6th, representing a 2.2% yield.

Nordea Investment Management AB raised its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 0.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,225,800 shares of the construction company's stock after buying an additional 15,927 shares during the quarter. Nordea Investment Management AB owned about 2.62% of Owens Corning worth $305,291,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Archer Investment Corp boosted its holdings in Owens Corning by 17.9% during the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after acquiring an additional 100 shares during the period. Resonant Capital Advisors LLC boosted its holdings in Owens Corning by 6.3% during the 1st quarter. Resonant Capital Advisors LLC now owns 1,745 shares of the construction company's stock valued at $250,000 after acquiring an additional 103 shares during the period. CreativeOne Wealth LLC boosted its holdings in Owens Corning by 6.7% during the 1st quarter. CreativeOne Wealth LLC now owns 1,649 shares of the construction company's stock valued at $236,000 after acquiring an additional 103 shares during the period. Sequoia Financial Advisors LLC raised its position in Owens Corning by 7.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 1,823 shares of the construction company's stock valued at $260,000 after purchasing an additional 127 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Owens Corning by 6.1% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,443 shares of the construction company's stock valued at $349,000 after purchasing an additional 141 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Owens Corning stock opened at $126.29 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $10.56 billion, a P/E ratio of 32.80, a PEG ratio of 9.25 and a beta of 1.32. The stock's 50 day moving average is $145.18 and its 200 day moving average is $141.43. Owens Corning Inc has a twelve month low of $123.23 and a twelve month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm's quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.64 EPS. On average, equities research analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 2.2%. The ex-dividend date is Monday, October 20th. Owens Corning's dividend payout ratio (DPR) is currently 71.69%.

Analyst Ratings Changes

A number of research analysts have commented on OC shares. Jefferies Financial Group lowered their price target on Owens Corning from $185.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, October 7th. Barclays upped their price target on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Truist Financial lowered their price target on Owens Corning from $165.00 to $135.00 and set a "hold" rating for the company in a research report on Thursday, October 9th. Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Finally, Zacks Research lowered Owens Corning from a "hold" rating to a "strong sell" rating in a research report on Wednesday. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $178.31.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.

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