Sei Investments Co. Acquires 121,902 Shares of Owens Corning Inc $OC

Key Points

• Sei Investments increased its Owens Corning stake by 205.6% in the first quarter, acquiring 121,902 additional shares for a total holding of 181,184 shares valued at approximately $19.6 million. Institutional investors own 88.4% of the company.
• Owens Corning reported quarterly earnings of $1.22 per share, beating estimates of $1.01, while revenue reached $2.27 billion but declined 10.5% year over year. The company declared a quarterly dividend of $0.79 per share, representing a 2.3% annualized yield.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $157.92, versus a recent price of $136.38.

Sei Investments Co. lifted its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 205.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 181,184 shares of the construction company's stock after acquiring an additional 121,902 shares during the period. Sei Investments Co. owned approximately 0.22% of Owens Corning worth $19,607,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of OC. Geneos Wealth Management Inc. increased its stake in Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock worth $69,000 after acquiring an additional 184 shares during the period. Sivia Capital Partners LLC bought a new position in Owens Corning in the 2nd quarter valued at about $277,000. EverSource Wealth Advisors LLC raised its position in Owens Corning by 1,433.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company's stock valued at $175,000 after purchasing an additional 1,190 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of Owens Corning by 294.3% during the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company's stock worth $2,389,000 after buying an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia raised its stake in Owens Corning by 12.2% during the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company's stock worth $421,000 after acquiring an additional 333 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Owens Corning Trading Down 4.7%

NYSE:OC opened at $136.38 on Thursday. The stock has a market capitalization of $10.98 billion, a PE ratio of -20.63, a price-to-earnings-growth ratio of 2.78 and a beta of 1.30. The firm's 50 day moving average is $133.05 and its 200 day moving average is $124.01. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the prior year, the company earned $2.97 EPS. The firm's quarterly revenue was down 10.5% compared to the same quarter last year. Sell-side analysts expect that Owens Corning Inc will post 9.55 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is currently -47.81%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Barclays upped their price target on shares of Owens Corning from $144.00 to $170.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Owens Corning from $136.00 to $165.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Wells Fargo & Company boosted their price objective on Owens Corning from $150.00 to $165.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Royal Bank Of Canada boosted their target price on shares of Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a research report on Friday, July 10th. Finally, Evercore reaffirmed an "outperform" rating and set a $193.00 price target on shares of Owens Corning in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $157.92.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the business'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 sale, the insider 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction that occurred on 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 transaction, the vice president owned 3,093 shares of the company's stock, valued at $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.92% of the stock is owned by company insiders.

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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