Owens Corning Inc $OC Position Lessened by Magnetar Financial LLC

Key Points

• Magnetar Financial cut its stake in Owens Corning by 18.9% in Q3, selling 13,285 shares and leaving 56,847 shares worth about $8.04 million (≈0.07% of the company).
• Quarterly results disappointed: Owens Corning reported $1.10 EPS vs. $1.36 expected and $2.14B revenue vs. $2.17B, with revenue down 16.8% year‑over‑year and a negative net margin of 5.17%.
• The company declared a $0.79 quarterly dividend (annualized $3.16, ~3.0% yield), trades well below the consensus price target of $151.58, and is majority‑held by institutions (about 88.4% ownership).

Magnetar Financial LLC lowered its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 18.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 56,847 shares of the construction company's stock after selling 13,285 shares during the quarter. Magnetar Financial LLC owned approximately 0.07% of Owens Corning worth $8,042,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of OC. Geneos Wealth Management Inc. lifted its position in Owens Corning by 61.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock valued at $69,000 after purchasing an additional 184 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Owens Corning in the second quarter valued at approximately $277,000. Assetmark Inc. raised its holdings in shares of Owens Corning by 51.0% during the second quarter. Assetmark Inc. now owns 299 shares of the construction company's stock valued at $41,000 after buying an additional 101 shares during the last quarter. Resona Asset Management Co. Ltd. raised its holdings in shares of Owens Corning by 11.2% during the second quarter. Resona Asset Management Co. Ltd. now owns 29,400 shares of the construction company's stock valued at $4,045,000 after buying an additional 2,955 shares during the last quarter. Finally, Savant Capital LLC boosted its position in shares of Owens Corning by 379.8% during the second quarter. Savant Capital LLC now owns 10,666 shares of the construction company's stock worth $1,467,000 after buying an additional 8,443 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on OC. Citigroup lowered their target price on Owens Corning from $137.00 to $135.00 and set a "buy" rating on the stock in a research report on Thursday, January 8th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Owens Corning in a research report on Monday, December 29th. Royal Bank Of Canada set a $143.00 price target on Owens Corning in a research note on Friday, January 9th. JPMorgan Chase & Co. lowered their price target on Owens Corning from $157.00 to $113.00 and set a "neutral" rating on the stock in a report on Tuesday, November 11th. Finally, Evercore reduced their price objective on shares of Owens Corning from $121.00 to $117.00 and set an "in-line" rating for the company in a report on Thursday, December 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $151.58.

Owens Corning Price Performance

NYSE OC opened at $106.30 on Wednesday. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The firm has a market capitalization of $8.54 billion, a PE ratio of -16.61, a P/E/G ratio of 1.74 and a beta of 1.35. The company's 50 day simple moving average is $123.30 and its 200 day simple moving average is $125.43. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing analysts' consensus estimates of $1.36 by ($0.26). The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The business's revenue for the quarter was down 16.8% on a year-over-year basis. During the same quarter last year, the company earned $3.22 earnings per share. As a group, equities research analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be issued a $0.79 dividend. The ex-dividend date is Monday, March 9th. This represents a $3.16 annualized dividend and a dividend yield of 3.0%. Owens Corning's dividend payout ratio is -49.38%.

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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.