Owens Corning Inc $OC Shares Acquired by Aberdeen Group plc

Key Points

• Aberdeen Group plc significantly increased its stake in Owens Corning Inc by 56.3% during the 2nd quarter, acquiring an additional 11,479 shares, bringing its total holdings to 31,860 shares valued at approximately $4.38 million.
• Analysts have issued varying ratings, with price targets being cut from as high as $218 down to $135, reflecting a cautious outlook despite a consensus rating of "Moderate Buy" for the stock.
• Owens Corning recently announced a quarterly dividend of $0.69 per share, set to be paid on November 6th, which reflects an annual yield of approximately 2.2%.

Aberdeen Group plc increased its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 56.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,860 shares of the construction company's stock after acquiring an additional 11,479 shares during the quarter. Aberdeen Group plc's holdings in Owens Corning were worth $4,381,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of OC. Archer Investment Corp grew its holdings in Owens Corning by 17.9% in the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after buying an additional 100 shares in the last quarter. Resonant Capital Advisors LLC grew its holdings in Owens Corning by 6.3% in the 1st quarter. Resonant Capital Advisors LLC now owns 1,745 shares of the construction company's stock worth $250,000 after buying an additional 103 shares in the last quarter. CreativeOne Wealth LLC grew its holdings in Owens Corning by 6.7% in the 1st quarter. CreativeOne Wealth LLC now owns 1,649 shares of the construction company's stock worth $236,000 after buying an additional 103 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in Owens Corning by 7.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,823 shares of the construction company's stock worth $260,000 after buying an additional 127 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Owens Corning by 6.1% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,443 shares of the construction company's stock worth $349,000 after buying an additional 141 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on OC shares. Evercore ISI decreased their price objective on Owens Corning from $169.00 to $153.00 and set an "in-line" rating for the company in a report on Tuesday, October 7th. Truist Financial decreased their price target on Owens Corning from $165.00 to $135.00 and set a "hold" rating for the company in a research note on Thursday, October 9th. Bank of America decreased their price target on Owens Corning from $180.00 to $168.00 and set a "buy" rating for the company in a research note on Wednesday, October 1st. Weiss Ratings reissued a "hold (c)" rating on shares of Owens Corning in a research note on Wednesday, October 8th. Finally, UBS Group reduced their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $178.31.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $126.29 on Friday. The stock has a market cap of $10.56 billion, a PE ratio of 32.80, a price-to-earnings-growth ratio of 9.25 and a beta of 1.32. The business has a fifty day simple moving average of $145.18 and a 200-day simple moving average of $141.43. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 12 month low of $123.23 and a 12 month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. The firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The business's revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $4.64 earnings per share. On average, sell-side analysts anticipate 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, November 6th. Investors of record on Monday, October 20th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a yield of 2.2%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

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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