SG Americas Securities LLC Grows Stock Holdings in Owens Corning Inc $OC

Key Points

• SG Americas Securities LLC increased its Owens Corning stake by 67.9% in the first quarter, ending with 356,932 shares worth about $38.6 million. The filing shows institutional ownership remains heavy, with hedge funds and other investors holding 88.4% of the stock.
• Owens Corning reported better-than-expected quarterly results, posting EPS of $1.22 versus the $1.01 consensus and revenue of $2.27 billion versus estimates of $2.18 billion. However, revenue still fell 10.5% year over year from the prior period.
• The company declared a quarterly dividend of $0.79 per share, equivalent to $3.16 annually and a 2.5% yield. Analyst sentiment remains fairly positive overall, with a consensus rating of “Moderate Buy” and an average price target of $144.82.

SG Americas Securities LLC raised its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 67.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 356,932 shares of the construction company's stock after acquiring an additional 144,324 shares during the quarter. SG Americas Securities LLC owned approximately 0.44% of Owens Corning worth $38,627,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in OC. Itau Unibanco Holding S.A. purchased a new stake in shares of Owens Corning during the fourth quarter worth about $29,000. Measured Wealth Private Client Group LLC bought a new position in Owens Corning in the 3rd quarter worth approximately $42,000. Harbour Investments Inc. boosted its stake in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after purchasing an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Owens Corning during the fourth quarter valued at approximately $37,000. Finally, Global Retirement Partners LLC lifted its holdings in shares of Owens Corning by 1,173.3% in the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock worth $43,000 after buying an additional 352 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $124.00 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The stock's fifty day moving average price is $121.06 and its 200-day moving average price is $118.63. The firm has a market cap of $9.99 billion, a P/E ratio of -18.76, a P/E/G ratio of 2.26 and a beta of 1.34. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.21. The company had revenue of $2.27 billion for the quarter, compared to analysts' expectations of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm's quarterly revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.97 EPS. On average, equities research analysts expect that Owens Corning Inc will post 9.53 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be paid a dividend of $0.79 per share. The ex-dividend date is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.5%. Owens Corning's dividend payout ratio (DPR) is currently -47.81%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on OC shares. Truist Financial lifted their price target on shares of Owens Corning from $120.00 to $125.00 and gave the company a "hold" rating in a report on Thursday, May 7th. Weiss Ratings lowered Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 18th. Royal Bank Of Canada lifted their target price on Owens Corning from $134.00 to $148.00 and gave the stock an "outperform" rating in a report on Thursday, May 7th. Evercore set a $139.00 target price on Owens Corning in a research report on Thursday, May 7th. Finally, UBS Group increased their price target on Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $144.82.

Insider Activity at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the company's stock in a transaction 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 sale, the vice president owned 3,093 shares in the company, valued at $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the 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 sale, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This trade 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. Company insiders own 0.92% of the company's stock.

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.

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.