Sanctuary Advisors LLC Takes $2.86 Million Position in Owens Corning Inc $OC

Key Points

• Sanctuary Advisors acquired 17,977 Owens Corning shares during the second quarter, representing a position worth approximately $2.86 million. Institutional investors collectively own 88.4% of the company.
• Analysts maintain a “Moderate Buy” consensus on OC, with an average price target of $165.31; Wells Fargo and Deutsche Bank recently raised their targets to $165.
• Owens Corning exceeded quarterly expectations with earnings of $3.93 per share versus the $3.09 consensus and revenue of $2.76 billion. The company also pays a quarterly dividend of $0.79 per share, or $3.16 annually.

Sanctuary Advisors LLC bought a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 17,977 shares of the construction company's stock, valued at approximately $2,858,000.

Other large investors also recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Owens Corning in the 2nd quarter valued at about $710,000. Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Owens Corning during the second quarter worth about $296,000. Kendall Capital Management purchased a new stake in shares of Owens Corning during the second quarter worth approximately $415,000. Elevation Point Wealth Partners LLC acquired a new stake in Owens Corning in the second quarter valued at approximately $207,000. Finally, Commerce Bank acquired a new stake in Owens Corning in the second quarter valued at approximately $9,063,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Owens Corning from $115.00 to $121.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Wells Fargo & Company raised their price objective on shares of Owens Corning from $150.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. 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, Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $165.31.

Insider Buying and Selling

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction 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 completion of the sale, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by corporate insiders.

Owens Corning Stock Performance

Shares of OC opened at $146.57 on Wednesday. The company has a market capitalization of $11.59 billion, a price-to-earnings ratio of -18.19, a price-to-earnings-growth ratio of 2.21 and a beta of 1.32. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The stock has a 50 day moving average price of $144.10 and a 200 day moving average price of $127.58.

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

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.2%. The ex-dividend date was Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is currently -39.21%.

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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