Y Intercept Hong Kong Ltd Buys 14,406 Shares of Owens Corning Inc $OC

Key Points

• Y Intercept Hong Kong increased its Owens Corning position by 52.4% in the second quarter, adding 14,406 shares for a total stake of 41,887 shares worth approximately $6.66 million. Institutional investors collectively own 88.4% of the company.
• Analyst sentiment is broadly positive, with Owens Corning receiving a “Moderate Buy” consensus rating and an average price target of $163.25; recent targets range as high as $177.
• Owens Corning beat quarterly expectations, reporting $3.93 in earnings per share versus the $3.09 consensus and revenue of $2.76 billion. The company also pays a quarterly dividend of $0.79, equivalent to a 2.0% annualized yield.

Y Intercept Hong Kong Ltd raised its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 52.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,887 shares of the construction company's stock after acquiring an additional 14,406 shares during the period. Y Intercept Hong Kong Ltd owned approximately 0.05% of Owens Corning worth $6,658,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in OC. Assenagon Asset Management S.A. lifted its holdings in shares of Owens Corning by 777.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 39,577 shares of the construction company's stock worth $6,291,000 after acquiring an additional 35,066 shares during the last quarter. Baron Wealth Management LLC bought a new position in Owens Corning during the 2nd quarter valued at about $219,000. GAMMA Investing LLC raised its position in Owens Corning by 33.5% in the 2nd quarter. GAMMA Investing LLC now owns 2,747 shares of the construction company's stock worth $437,000 after purchasing an additional 689 shares during the period. Versant Capital Management Inc lifted its stake in Owens Corning by 13.8% in the second quarter. Versant Capital Management Inc now owns 1,017 shares of the construction company's stock worth $162,000 after purchasing an additional 123 shares during the last quarter. Finally, Eastern Bank bought a new stake in Owens Corning in the second quarter worth about $70,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research note on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft boosted their price objective on Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Royal Bank Of Canada upped their price objective on Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a research report on Friday, July 10th. Barclays lifted their target price on Owens Corning from $170.00 to $177.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $163.25.

Owens Corning Stock Down 2.2%

Shares of NYSE OC opened at $155.44 on Thursday. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The firm has a market capitalization of $12.29 billion, a price-to-earnings ratio of -19.29, a PEG ratio of 2.76 and a beta of 1.32. The stock has a 50 day moving average price of $138.83 and a 200 day moving average price of $125.84. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period in the previous year, the company posted $4.21 EPS. Owens Corning's revenue was up .3% on a year-over-year basis. Sell-side analysts expect that Owens Corning Inc will post 9.65 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Monday, July 20th. Owens Corning's payout ratio is presently -39.21%.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the 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 transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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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