Owens Corning Inc $OC Shares Acquired by Interval Partners LP

Key Points

• Interval Partners LP boosted its stake in Owens Corning by 365.8% in Q3 to 184,513 shares, worth about $26.1 million (≈0.22% of the company).
• Owens Corning missed Q earnings expectations (EPS $1.10 vs. $1.36) and saw revenue decline 16.8% year-over-year, leaving a negative net margin of 5.17% despite a 21.93% return on equity.
• The company declared a quarterly dividend of $0.79 (annualized $3.16), with an ex-dividend/record date of March 9 and a yield of roughly 3.0%.

Interval Partners LP grew its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 365.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 184,513 shares of the construction company's stock after purchasing an additional 144,897 shares during the period. Interval Partners LP owned about 0.22% of Owens Corning worth $26,101,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Owens Corning in the second quarter worth about $26,000. Rexford Capital Inc. purchased a new position in shares of Owens Corning during the second quarter valued at $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Owens Corning during the second quarter valued at $30,000. Vermillion & White Wealth Management Group LLC raised its position in Owens Corning by 149.4% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company's stock valued at $31,000 after buying an additional 133 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in Owens Corning in the 3rd quarter worth about $39,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Price Performance

OC opened at $106.48 on Friday. The stock has a fifty day moving average price of $122.88 and a 200 day moving average price of $124.82. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of -16.64, a PEG ratio of 1.67 and a beta of 1.35.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate 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 period in the previous year, the company earned $3.22 earnings per share. Analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Investors 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 dividend on an annualized basis and a yield of 3.0%. Owens Corning's dividend payout ratio is currently -49.38%.

Analysts Set New Price Targets

A number of brokerages have commented on OC. Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, January 12th. Wells Fargo & Company upped their target price on Owens Corning from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Wednesday, February 11th. Evercore reduced their price target on shares of Owens Corning from $121.00 to $117.00 and set an "in-line" rating for the company in a research report on Thursday, December 4th. Barclays raised their price target on shares of Owens Corning from $130.00 to $138.00 and gave the stock an "overweight" rating in a report on Thursday, January 15th. Finally, Argus upgraded shares of Owens Corning to a "strong-buy" rating in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and an average target price of $151.58.

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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