Wedge Capital Management L L P NC Acquires 12,712 Shares of Owens Corning Inc $OC

Key Points

• Wedge Capital Management L L P NC increased its stake in Owens Corning by 17.9%, purchasing 12,712 shares to hold 83,675 shares valued at about $9.36 million.
• Multiple large institutions (Norges Bank, First Trust, Amundi, JPMorgan) also built positions, leaving 88.40% of shares held by institutions; analysts' consensus is a Moderate Buy with a $151.58 price target.
• Owens Corning missed quarterly estimates (EPS $1.10 vs. $1.36 expected) with revenue down 16.8%, the stock is trading lower (~2.8% down), and the company declared a $0.79 quarterly dividend (3.0% yield).

Wedge Capital Management L L P NC grew its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 17.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 83,675 shares of the construction company's stock after purchasing an additional 12,712 shares during the period. Wedge Capital Management L L P NC owned about 0.10% of Owens Corning worth $9,364,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of OC. Norges Bank purchased a new position in shares of Owens Corning during the second quarter valued at approximately $163,719,000. First Trust Advisors LP raised its position in Owens Corning by 164.6% in the 2nd quarter. First Trust Advisors LP now owns 920,726 shares of the construction company's stock valued at $126,618,000 after buying an additional 572,770 shares during the last quarter. Clean Energy Transition LLP bought a new position in Owens Corning during the 3rd quarter valued at $75,203,000. Amundi lifted its stake in Owens Corning by 92.9% during the 2nd quarter. Amundi now owns 1,086,735 shares of the construction company's stock valued at $157,279,000 after acquiring an additional 523,376 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Owens Corning by 99.4% during the 3rd 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. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OC has been the subject of several recent analyst reports. Evercore reduced their target price on shares of Owens Corning from $121.00 to $117.00 and set an "in-line" rating for the company in a research note on Thursday, December 4th. Wells Fargo & Company boosted their price target on shares of Owens Corning from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Wednesday, February 11th. Barclays upped their price objective on shares of Owens Corning from $130.00 to $138.00 and gave the stock an "overweight" rating in a research report on Thursday, January 15th. UBS Group increased their price objective on shares of Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Finally, Zacks Research cut shares of Owens Corning from a "hold" rating to a "strong sell" rating in a research report on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $151.58.

Owens Corning Trading Down 2.8%

NYSE OC opened at $104.54 on Friday. The business's fifty day moving average is $120.13 and its 200-day moving average is $121.45. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70. The stock has a market capitalization of $8.40 billion, a price-to-earnings ratio of -16.33, a PEG ratio of 1.69 and a beta of 1.35. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.42.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.26). The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. Owens Corning's quarterly revenue was down 16.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.22 EPS. Equities research analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, March 9th. Owens Corning's payout ratio is currently -49.38%.

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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