Owens Corning Inc $OC Shares Purchased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP boosted its Owens Corning stake by 7.3% in the first quarter, owning 2.76 million shares worth about $299.2 million at quarter-end.
• Several Wall Street analysts recently turned more positive on OC, with Evercore upgrading the stock to outperform and the consensus rating sitting at Moderate Buy with a $157.50 price target.
• Owens Corning reported better-than-expected quarterly results and also declared a $0.79 quarterly dividend, implying a 2.3% annual yield.

Dimensional Fund Advisors LP raised its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 7.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,764,616 shares of the construction company's stock after acquiring an additional 188,211 shares during the quarter. Dimensional Fund Advisors LP owned approximately 3.44% of Owens Corning worth $299,167,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in OC. Itau Unibanco Holding S.A. bought a new position in shares of Owens Corning during the fourth quarter worth about $29,000. Harbour Investments Inc. grew its stake in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after purchasing an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Owens Corning in the fourth quarter valued at about $37,000. Measured Wealth Private Client Group LLC bought a new stake in Owens Corning in the third quarter valued at about $42,000. Finally, Global Retirement Partners LLC raised its stake in Owens Corning by 1,173.3% during the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock valued at $43,000 after buying an additional 352 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the transaction, the vice president directly owned 3,093 shares of the company's stock, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of the firm's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. This represents a 4.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OC. Evercore upgraded Owens Corning from an "in-line" rating to an "outperform" rating and set a $188.00 price target for the company in a report on Tuesday, June 30th. The Goldman Sachs Group lifted their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the stock a "neutral" rating in a report on Friday, July 10th. Royal Bank Of Canada boosted their target price on shares of Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a research note on Friday, July 10th. Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Finally, Weiss Ratings upgraded shares of Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $157.50.

Owens Corning Stock Performance

OC stock opened at $139.99 on Thursday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The stock has a market capitalization of $11.27 billion, a price-to-earnings ratio of -21.18, a PEG ratio of 2.72 and a beta of 1.30. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The stock's fifty day moving average is $130.33 and its two-hundred day moving average is $123.08.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.01 by $0.21. The business had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The company's quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.97 earnings per share. On average, research analysts predict that Owens Corning Inc will post 9.55 EPS for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning's dividend payout ratio is currently -47.81%.

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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