Susquehanna Fundamental Investments LLC Reduces Stock Holdings in Owens Corning Inc $OC

Key Points

• Susquehanna Fundamental Investments reduced its Owens Corning stake by 4.5% in the second quarter, selling 7,182 shares and retaining 152,215 shares worth approximately $24.2 million. Institutional investors collectively own 88.4% of the company.
• Owens Corning reported quarterly earnings of $3.93 per share, beating estimates of $3.09, while revenue reached $2.76 billion versus expectations of $2.66 billion. The company also maintained a quarterly dividend of $0.79 per share, representing a 2.2% annualized yield.
• Analysts remain broadly positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $165.31, above its reported opening price of $143.27.

Susquehanna Fundamental Investments LLC reduced its position in Owens Corning Inc (NYSE:OC - Free Report) by 4.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 152,215 shares of the construction company's stock after selling 7,182 shares during the quarter. Susquehanna Fundamental Investments LLC owned approximately 0.19% of Owens Corning worth $24,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in OC. Pitcairn Co. lifted its position in shares of Owens Corning by 4.6% during the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock valued at $250,000 after buying an additional 80 shares during the last quarter. First Pacific Financial increased its holdings in Owens Corning by 2.3% in the 1st quarter. First Pacific Financial now owns 3,749 shares of the construction company's stock worth $406,000 after acquiring an additional 85 shares during the last quarter. Viawealth LLC increased its holdings in Owens Corning by 3.6% in the 4th quarter. Viawealth LLC now owns 2,563 shares of the construction company's stock worth $287,000 after acquiring an additional 88 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its stake in Owens Corning by 2.9% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company's stock valued at $343,000 after acquiring an additional 90 shares during the period. Finally, Basecamp Wealth Advisors LLC raised its stake in Owens Corning by 3.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company's stock valued at $359,000 after acquiring an additional 97 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Up 0.1%

OC stock opened at $143.27 on Monday. 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 firm has a market capitalization of $11.33 billion, a PE ratio of -17.78, a PEG ratio of 2.15 and a beta of 1.32. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91. The stock has a 50-day simple moving average of $145.16 and a two-hundred day simple moving average of $127.78.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $2.76 billion for the quarter, compared to analysts' expectations of $2.66 billion. During the same period in the prior year, the business posted $4.21 earnings per share. The company's revenue was up .3% on a year-over-year basis. On average, equities analysts predict that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning's dividend payout ratio is -39.21%.

Analyst Ratings Changes

OC has been the subject of a number of research reports. Evercore reiterated an "outperform" rating and set a $193.00 target price on shares of Owens Corning in a research report on Thursday, July 23rd. DA Davidson initiated coverage on shares of Owens Corning in a research report on Monday, August 24th. They issued a "buy" rating and a $190.00 price target on the stock. Barclays upped their price target on shares of Owens Corning from $170.00 to $177.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Deutsche Bank Aktiengesellschaft raised their price objective 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. Finally, Truist Financial set a $198.00 target price on shares of Owens Corning in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and a consensus price target of $165.31.

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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