Owens Corning Inc $OC Shares Newly Bought by Beacon Bank & Trust

Key Points

• Beacon Bank & Trust bought a new Owens Corning stake of 15,194 shares worth approximately $1.77 million during the third quarter. Institutional investors collectively own 88.4% of the company.
• Analyst sentiment is mixed, with ratings ranging from Strong Buy to Strong Sell. Owens Corning has a consensus rating of Hold and an average price target of $142.07.
• Owens Corning exceeded quarterly earnings expectations, reporting $3.93 in EPS versus the $3.09 consensus and $2.76 billion in revenue. The company also declared a quarterly dividend of $0.79 per share, representing a 2.7% annualized yield.

Beacon Bank & Trust purchased a new stake in Owens Corning Inc (NYSE:OC - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 15,194 shares of the construction company's stock, valued at approximately $1,774,000.

Several other large investors have also added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Owens Corning in the second quarter worth approximately $1,401,161,000. Nykredit A S bought a new position in shares of Owens Corning in the second quarter valued at approximately $166,083,000. Allspring Global Investments Holdings LLC boosted its position in shares of Owens Corning by 721.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company's stock valued at $125,513,000 after buying an additional 1,027,800 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Owens Corning during the second quarter valued at approximately $133,685,000. Finally, Sound Shore Management Inc. CT purchased a new position in shares of Owens Corning during the first quarter valued at approximately $64,102,000. Institutional investors own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on OC shares. Wall Street Zen cut Owens Corning from a "buy" rating to a "hold" rating in a research note on Saturday, October 10th. DA Davidson set a $143.00 target price on shares of Owens Corning in a research note on Friday, October 9th. Bank of America lowered their target price on shares of Owens Corning from $155.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday. Citigroup increased their target price on shares of Owens Corning from $149.00 to $177.00 and gave the company a "buy" rating in a report on Friday, August 7th. Finally, Zacks Research lowered shares of Owens Corning from a "strong-buy" rating to a "strong sell" rating in a research report on Monday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $142.07.

Owens Corning Stock Performance

Shares of OC opened at $115.72 on Thursday. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $9.15 billion, a price-to-earnings ratio of -14.36, a PEG ratio of 2.64 and a beta of 1.32. The stock has a 50 day moving average of $125.39 and a 200 day moving average of $126.14. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping analysts' consensus estimates of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period last year, the company posted $4.21 earnings per share. Owens Corning's quarterly revenue was up .3% compared to the same quarter last year. As a group, sell-side analysts forecast that Owens Corning Inc will post 9.39 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Monday, October 19th will be given a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, October 19th. This represents a $3.16 annualized dividend and a dividend yield of 2.7%. Owens Corning's dividend payout ratio (DPR) is currently -39.21%.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. The trade was a 4.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

About Owens Corning

Owens Corning NYSE: OC is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company's primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.

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