Paralel Advisors LLC Increases Holdings in Owens Corning Inc $OC

Key Points

• Paralel Advisors LLC increased its holdings in Owens Corning Inc by 24.3% during Q2, now owning 18,707 shares valued at approximately $2.57 million.
• Several institutional investors, including Vanguard Group Inc and Price T Rowe Associates Inc, have recently increased their stakes in Owens Corning, which is now 88.40% owned by institutional investors.
• Owens Corning announced a quarterly dividend of $0.69 per share, which will be paid on November 6th, reflecting an annualized yield of 2.2% and a payout ratio of 71.69%.

Paralel Advisors LLC grew its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 24.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 18,707 shares of the construction company's stock after acquiring an additional 3,654 shares during the quarter. Paralel Advisors LLC's holdings in Owens Corning were worth $2,573,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after purchasing an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock valued at $339,930,000 after buying an additional 957,295 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Owens Corning by 0.7% in the 2nd quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company's stock valued at $305,291,000 after buying an additional 15,927 shares in the last quarter. LSV Asset Management grew its position in shares of Owens Corning by 1.9% in the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock valued at $210,812,000 after buying an additional 27,185 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Owens Corning by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after acquiring an additional 5,819 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analysts Set New Price Targets

OC has been the topic of a number of research analyst reports. Jefferies Financial Group cut their target price on Owens Corning from $185.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, October 7th. Weiss Ratings restated a "hold (c)" rating on shares of Owens Corning in a research note on Wednesday, October 8th. Barclays boosted their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. UBS Group lowered their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Evercore ISI cut 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 report on Tuesday, October 7th. Ten investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $178.31.

Owens Corning Stock Performance

NYSE:OC opened at $126.75 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The firm has a market cap of $10.60 billion, a price-to-earnings ratio of 32.92, a price-to-earnings-growth ratio of 9.50 and a beta of 1.32. The firm's fifty day moving average price is $143.60 and its 200 day moving average price is $141.08. Owens Corning Inc has a 1-year low of $123.23 and a 1-year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business's revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the business earned $4.64 EPS. On average, sell-side analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning's payout ratio is currently 71.69%.

About Owens Corning

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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