Sound Shore Management Inc. CT Buys New Shares in Owens Corning Inc $OC

Key Points

• Sound Shore Management opened a new position in Owens Corning during the first quarter, buying 592,330 shares valued at about $64.1 million. The stake represented roughly 0.74% of the company.
• Owens Corning reported Q1 earnings of $1.22 per share, beating estimates of $1.01, while revenue of $2.27 billion also topped expectations. However, revenue was still down 10.5% from a year earlier.
• The company declared a quarterly dividend of $0.79 per share, or $3.16 annualized, for a yield of about 2.2%. Meanwhile, analysts remain generally positive, with an average rating of “Moderate Buy” and an average price target of $157.50.

Sound Shore Management Inc. CT bought a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 592,330 shares of the construction company's stock, valued at approximately $64,102,000. Sound Shore Management Inc. CT owned approximately 0.74% of Owens Corning as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of OC. Itau Unibanco Holding S.A. bought a new stake in shares of Owens Corning during the 4th quarter worth approximately $29,000. Harbour Investments Inc. raised its position in Owens Corning by 66.5% during the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after acquiring an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning in the fourth quarter valued at $37,000. Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning in the third quarter valued at $42,000. Finally, Global Retirement Partners LLC grew its position in shares of Owens Corning by 1,173.3% in the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock valued at $43,000 after acquiring an additional 352 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of Owens Corning 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 of the company's stock, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction dated 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 sale, the insider directly owned 15,848 shares of the company's stock, valued at approximately $1,913,012.08. The trade was 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. Insiders own 0.92% of the company's stock.

Owens Corning Stock Up 0.1%

Shares of OC opened at $144.04 on Monday. The firm has a market cap of $11.60 billion, a P/E ratio of -21.79, a price-to-earnings-growth ratio of 2.79 and a beta of 1.30. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The firm's 50-day simple moving average is $129.08 and its 200 day simple moving average is $122.49.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data 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. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same period last year, the business posted $2.97 earnings per share. The business's revenue for the quarter was down 10.5% compared to the same quarter last year. On average, analysts forecast that Owens Corning Inc will post 9.55 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is presently -47.81%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on OC shares. Wells Fargo & Company upped their target price 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. Evercore upgraded Owens Corning from an "in-line" rating to an "outperform" rating and set a $188.00 price target for the company in a report on Tuesday, June 30th. Royal Bank Of Canada boosted their price target on Owens Corning from $148.00 to $172.00 and gave the stock an "outperform" rating in a research report on Friday, July 10th. Weiss Ratings upgraded Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, June 24th. Finally, JPMorgan Chase & Co. raised their price objective on Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. One equities 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $157.50.

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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