Owens Corning Inc $OC Shares Purchased by Costello Asset Management INC

Key Points

• Costello Asset Management INC increased its holdings in Owens Corning by 14.7%, now owning 15,190 shares valued at approximately $2.09 million.
• Numerous institutional investors have recently adjusted their positions in Owens Corning, with 88.40% of the stock owned by institutional investors and hedge funds.
• The company reported earnings of $4.21 per share, exceeding estimates, and also announced a quarterly dividend of $0.69 per share to be paid on November 6th.

Costello Asset Management INC increased its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 14.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,190 shares of the construction company's stock after acquiring an additional 1,950 shares during the quarter. Costello Asset Management INC's holdings in Owens Corning were worth $2,089,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Bangor Savings Bank purchased a new position in Owens Corning during the second quarter worth about $28,000. Ameritas Advisory Services LLC purchased a new position in Owens Corning during the second quarter worth about $42,000. Wayfinding Financial LLC purchased a new position in Owens Corning during the first quarter worth about $60,000. IFP Advisors Inc raised its stake in Owens Corning by 76.0% during the second quarter. IFP Advisors Inc now owns 461 shares of the construction company's stock worth $63,000 after purchasing an additional 199 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake in Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock worth $69,000 after purchasing an additional 184 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OC. Evercore ISI reduced their target price on shares of Owens Corning from $169.00 to $153.00 and set an "in-line" rating on the stock in a research note on Tuesday. Jefferies Financial Group reduced their target price on shares of Owens Corning from $185.00 to $180.00 and set a "buy" rating on the stock in a research note on Tuesday. Truist Financial reduced their target price on shares of Owens Corning from $165.00 to $135.00 and set a "hold" rating on the stock in a research note on Thursday. UBS Group reduced their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Finally, Bank of America reduced their price target on shares of Owens Corning from $180.00 to $168.00 and set a "buy" rating on the stock in a research note on Wednesday, October 1st. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $178.31.

Owens Corning Price Performance

Shares of OC opened at $129.61 on Friday. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The firm's 50 day moving average price is $146.71 and its 200 day moving average price is $142.10. The company has a market cap of $10.84 billion, a P/E ratio of 33.66, a PEG ratio of 9.62 and a beta of 1.32. 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 (NYSE:OC - Get Free Report) last announced its 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. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same period in the prior year, the firm earned $4.64 EPS. The firm's revenue for the quarter was up 10.0% on a year-over-year basis. On average, research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Investors 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 2.1%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning's dividend payout ratio is presently 71.69%.

Owens Corning Profile

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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