Vanguard Group Inc. Boosts Holdings in Owens Corning Inc $OC

Key Points

• Vanguard Group increased its stake in Owens Corning by 0.9% in Q4 to 9,765,729 shares—about 11.88% of the company, and institutional investors now own roughly 88.4% of the stock.
• Owens Corning recently missed quarterly expectations (EPS $1.10 vs. $1.36) with revenue down 16.8% year-over-year and a negative net margin of -5.17%, while the stock trades in a 12‑month range of $97.53–$159.42 and a market cap near $9.85 billion.
• Analysts are broadly positive but mixed: the consensus rating is a Moderate Buy with a $145.09 average target, comprising one Strong Buy, nine Buys, five Holds and one Sell, and several firms have adjusted price targets recently.

Vanguard Group Inc. grew its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,765,729 shares of the construction company's stock after purchasing an additional 84,096 shares during the quarter. Vanguard Group Inc. owned 11.88% of Owens Corning worth $1,092,883,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in OC. Clean Energy Transition LLP purchased a new position in shares of Owens Corning in the third quarter valued at approximately $75,203,000. JPMorgan Chase & Co. lifted its stake in Owens Corning by 99.4% in the third quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company's stock worth $128,917,000 after acquiring an additional 454,382 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Owens Corning by 65.9% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,136,787 shares of the construction company's stock worth $160,810,000 after acquiring an additional 451,547 shares during the last quarter. AQR Capital Management LLC lifted its stake in Owens Corning by 70.9% in the second quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company's stock worth $132,102,000 after acquiring an additional 398,440 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Owens Corning by 27.0% in the third quarter. First Trust Advisors LP now owns 1,169,485 shares of the construction company's stock worth $165,435,000 after acquiring an additional 248,759 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on OC shares. Bank of America decreased their price target on shares of Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, April 20th. Argus upgraded shares of Owens Corning to a "strong-buy" rating in a research note on Wednesday, January 14th. Evercore set a $130.00 price target on shares of Owens Corning in a research note on Friday, April 24th. Wells Fargo & Company lifted their price target on shares of Owens Corning from $125.00 to $135.00 and gave the stock an "overweight" rating in a research note on Thursday, April 16th. Finally, Citigroup decreased their price target on shares of Owens Corning from $137.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $145.09.

Owens Corning Stock Down 0.6%

OC stock opened at $122.58 on Friday. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.42. The company's 50 day moving average is $114.25 and its two-hundred day moving average is $117.22. The stock has a market cap of $9.85 billion, a P/E ratio of -19.15, a PEG ratio of 2.09 and a beta of 1.35.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing analysts' consensus estimates of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the business posted $3.22 EPS. The firm's revenue for the quarter was down 16.8% compared to the same quarter last year. Research analysts expect that Owens Corning Inc will post 9.45 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 9th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, March 9th. Owens Corning's payout ratio is presently -49.38%.

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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