Owens Corning Inc $OC Stock Position Lifted by Lodge Hill Capital LLC

Key Points

• Lodge Hill Capital increased its Owens Corning stake by 14.1% in the first quarter, adding 45,000 shares to own 363,570 shares worth approximately $39.3 million. Institutional investors collectively own 88.4% of the stock.
• Owens Corning exceeded quarterly expectations, reporting $1.22 in EPS versus the $1.01 consensus and $2.27 billion in revenue, although revenue fell 10.5% year over year and the company posted a negative net margin.
• The company declared a quarterly dividend of $0.79, equivalent to an annualized $3.16 and a 2.3% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $157.92.

Lodge Hill Capital LLC lifted its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 14.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 363,570 shares of the construction company's stock after acquiring an additional 45,000 shares during the quarter. Owens Corning makes up approximately 5.8% of Lodge Hill Capital LLC's holdings, making the stock its 2nd biggest position. Lodge Hill Capital LLC owned about 0.45% of Owens Corning worth $39,346,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new position in Owens Corning during the fourth quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Owens Corning in the first quarter worth $30,000. Harbour Investments Inc. increased its stake in shares of 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 shares of Owens Corning during the 4th quarter valued at $37,000. Finally, Measured Wealth Private Client Group LLC purchased a new position in shares of Owens Corning during the 3rd quarter valued at $42,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the stock in a transaction that occurred 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 represents a 38.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the firm's stock in a transaction that occurred on 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 owned 15,848 shares of the company's stock, valued at $1,913,012.08. This represents 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 insiders.

Owens Corning Price Performance

Shares of NYSE:OC opened at $136.38 on Thursday. The firm has a market cap of $10.98 billion, a price-to-earnings ratio of -20.63, a P/E/G ratio of 2.78 and a beta of 1.30. The firm has a fifty day moving average price of $133.05 and a 200 day moving average price of $124.01. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.21. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. Owens Corning's revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.97 EPS. As a group, sell-side analysts expect that Owens Corning Inc will post 9.55 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be given 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 is Monday, July 20th. Owens Corning's payout ratio is currently -47.81%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Zacks Research raised shares of Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Bank of America decreased their price target on Owens Corning from $140.00 to $138.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Truist Financial boosted their price objective on Owens Corning from $120.00 to $125.00 and gave the company a "hold" rating in a research report on Thursday, May 7th. Barclays upped their price objective on Owens Corning from $144.00 to $170.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 14th. Finally, Benchmark reissued a "hold" rating on shares of Owens Corning in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $157.92.

Owens Corning 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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.