William Blair Investment Management LLC Buys Shares of 100,127 Owens Corning Inc $OC

Key Points

• William Blair Investment Management initiated a position in Owens Corning by purchasing 100,127 shares valued at approximately $15.9 million, representing about 0.13% of the company. Institutional investors collectively own 88.4% of the stock.
• Owens Corning reported quarterly EPS of $3.93, exceeding the $3.09 analyst consensus, while revenue reached $2.76 billion versus expectations of $2.66 billion. The company also declared a quarterly dividend of $0.79, or $3.16 annually, yielding about 2.1%.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $163.25, compared with the reported share price of $147.92.

William Blair Investment Management LLC purchased a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 100,127 shares of the construction company's stock, valued at approximately $15,916,000. William Blair Investment Management LLC owned about 0.13% of Owens Corning at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. lifted its stake in shares of Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock valued at $69,000 after buying an additional 184 shares during the period. Sivia Capital Partners LLC acquired a new stake in Owens Corning during the second quarter worth approximately $277,000. EverSource Wealth Advisors LLC grew its stake in Owens Corning by 1,433.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company's stock worth $175,000 after acquiring an additional 1,190 shares during the period. Cerity Partners LLC raised its holdings in Owens Corning by 294.3% in the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company's stock valued at $2,389,000 after acquiring an additional 12,966 shares during the last quarter. Finally, Bank of Nova Scotia increased its stake in Owens Corning by 12.2% in the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company's stock valued at $421,000 after purchasing an additional 333 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

OC stock opened at $147.92 on Friday. The company has a market cap of $11.69 billion, a PE ratio of -18.35, a price-to-earnings-growth ratio of 2.23 and a beta of 1.32. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The stock has a 50-day moving average price of $143.26 and a two-hundred day moving average price of $127.29. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping analysts' consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The company's quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the business posted $4.21 EPS. As a group, research analysts predict that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were issued a $0.79 dividend. The ex-dividend date was Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.1%. Owens Corning's dividend payout ratio (DPR) is presently -39.21%.

Wall Street Analysts Forecast Growth

Several analysts have commented on OC shares. Weiss Ratings upgraded Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, June 24th. Citigroup raised their target price on shares of Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Wall Street Zen upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Barclays upped their price target on shares of Owens Corning from $170.00 to $177.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Zacks Research raised shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $163.25.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

Owens Corning 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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