Owens Corning Inc $OC Shares Purchased by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. increased its Owens Corning stake by 200.5% in the fourth quarter, buying an additional 254,793 shares to hold 381,887 shares worth about $42.7 million.
• Several other institutional investors also raised their positions, and hedge funds and institutions now own 88.40% of Owens Corning’s stock.
• Owens Corning recently beat quarterly earnings estimates with EPS of $1.22 versus the expected $1.01, while analysts currently rate the stock a Moderate Buy with an average price target of $144.82.

Pacer Advisors Inc. boosted its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 200.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 381,887 shares of the construction company's stock after buying an additional 254,793 shares during the quarter. Pacer Advisors Inc. owned approximately 0.46% of Owens Corning worth $42,737,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its stake in shares of Owens Corning by 460.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company's stock worth $146,940,000 after acquiring an additional 1,078,877 shares in the last quarter. Norges Bank acquired a new stake in shares of Owens Corning during the 4th quarter valued at about $119,748,000. Gendell Jeffrey L increased its stake in shares of Owens Corning by 349.3% in the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company's stock valued at $103,188,000 after purchasing an additional 716,839 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Owens Corning by 33.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company's stock valued at $288,332,000 after purchasing an additional 645,773 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Owens Corning by 51.8% in the 4th quarter. First Trust Advisors LP now owns 1,775,411 shares of the construction company's stock worth $198,686,000 after purchasing an additional 605,926 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Insider Activity at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the sale, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

OC has been the topic of a number of recent analyst reports. UBS Group increased their price target on Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Weiss Ratings downgraded Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 18th. Barclays increased their target price on Owens Corning from $135.00 to $144.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. The Goldman Sachs Group lifted their price target on shares of Owens Corning from $125.00 to $141.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada boosted their price target on shares of Owens Corning from $134.00 to $148.00 and gave the stock an "outperform" rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $144.82.

Owens Corning Trading Down 0.0%

OC stock opened at $128.12 on Friday. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42. The business's 50-day moving average is $120.67 and its 200 day moving average is $118.44. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The stock has a market cap of $10.32 billion, a price-to-earnings ratio of -19.38, a PEG ratio of 2.32 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The business had revenue of $2.27 billion during the quarter, compared to analysts' expectations of $2.18 billion. During the same quarter in the prior year, the firm earned $2.97 earnings per share. The business's revenue was down 10.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning's dividend payout ratio is currently -47.81%.

About Owens Corning

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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