Pinnbrook Capital Management LP Makes New Investment in Owens Corning Inc $OC

Key Points

• Pinnbrook Capital Management acquired 10,700 Owens Corning shares worth approximately $1.7 million during the second quarter. Institutional investors collectively own 88.4% of the company.
• Analysts maintain a generally positive outlook, with Owens Corning holding a consensus “Moderate Buy” rating and an average price target of $163.25, above its reported $147.92 share price.
• Owens Corning exceeded quarterly earnings expectations, reporting adjusted EPS of $3.93 versus the $3.09 consensus and revenue of $2.76 billion. The company also pays a quarterly dividend of $0.79 per share, equivalent to a 2.1% yield.

Pinnbrook Capital Management LP acquired a new stake in Owens Corning Inc (NYSE:OC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,700 shares of the construction company's stock, valued at approximately $1,701,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OC. Northwestern Mutual Wealth Management Co. purchased a new position in Owens Corning in the second quarter valued at $456,000. Evolve Private Wealth LLC purchased a new stake in Owens Corning during the 2nd quarter worth about $704,000. William Blair Investment Management LLC acquired a new position in shares of Owens Corning during the 2nd quarter worth about $15,916,000. EP Wealth Advisors LLC acquired a new position in shares of Owens Corning during the 2nd quarter worth about $307,000. Finally, Ieq Capital LLC purchased a new position in shares of Owens Corning in the 2nd quarter valued at about $18,231,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Owens Corning

In other news, 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 transaction of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on OC shares. Truist Financial set a $198.00 price target on shares of Owens Corning in a research note on Thursday, August 6th. The Goldman Sachs Group upped their target price on shares of Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a report on Friday, July 10th. JPMorgan Chase & Co. increased their target price on shares of Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Wall Street Zen upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Barclays boosted their price target on shares of Owens Corning from $170.00 to $177.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and a consensus target price of $163.25.

Owens Corning Trading Up 0.5%

NYSE:OC opened at $147.92 on Friday. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.91. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The stock's 50 day simple moving average is $143.26 and its 200-day simple moving average is $127.29. The firm has a market cap of $11.69 billion, a P/E ratio of -18.35, a PEG ratio of 2.23 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating analysts' consensus estimates of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the previous year, the company earned $4.21 EPS. The firm's revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts anticipate that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.1%. The ex-dividend date was Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is -39.21%.

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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