Pinnbrook Capital Management LP Acquires Shares of 43,890 Owens Corning (NYSE:OC)

Pinnbrook Capital Management LP acquired a new stake in Owens Corning (NYSE:OC - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 43,890 shares of the construction company's stock, valued at approximately $6,506,000. Owens Corning comprises approximately 0.7% of Pinnbrook Capital Management LP's investment portfolio, making the stock its 28th biggest holding.

Several other institutional investors have also recently bought and sold shares of OC. Contravisory Investment Management Inc. bought a new stake in shares of Owens Corning during the fourth quarter worth $27,000. Bruce G. Allen Investments LLC bought a new stake in shares of Owens Corning during the fourth quarter worth $27,000. Financial Management Professionals Inc. bought a new stake in shares of Owens Corning during the third quarter worth $29,000. First Capital Advisors Group LLC. bought a new stake in shares of Owens Corning during the second quarter worth $31,000. Finally, IFP Advisors Inc raised its position in shares of Owens Corning by 78.1% during the second quarter. IFP Advisors Inc now owns 244 shares of the construction company's stock worth $32,000 after acquiring an additional 107 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

NYSE:OC traded down $1.33 during trading hours on Monday, reaching $171.33. 443,826 shares of the company were exchanged, compared to its average volume of 680,029. The company has a market capitalization of $14.91 billion, a P/E ratio of 13.06, a P/E/G ratio of 0.47 and a beta of 1.47. Owens Corning has a 1-year low of $93.50 and a 1-year high of $173.65. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17. The business has a 50 day moving average of $155.89 and a 200 day moving average of $143.47.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, February 14th. The construction company reported $3.21 earnings per share for the quarter, beating analysts' consensus estimates of $2.82 by $0.39. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.25 billion. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The company's revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business posted $2.49 EPS. Research analysts forecast that Owens Corning will post 14.08 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Friday, March 1st. Owens Corning's payout ratio is 18.29%.

Insider Activity

In other news, CEO Brian Chambers sold 9,100 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the transaction, the chief executive officer now directly owns 269,696 shares in the company, valued at approximately $41,417,214.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Paula Russell sold 3,765 shares of the firm's stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares of the company's stock, valued at approximately $3,307,878. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian Chambers sold 9,100 shares of the firm's stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the transaction, the chief executive officer now directly owns 269,696 shares of the company's stock, valued at $41,417,214.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,672 shares of company stock worth $3,325,799. Insiders own 0.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on OC shares. Loop Capital lifted their price objective on Owens Corning from $167.00 to $188.00 and gave the stock a "buy" rating in a research note on Monday, April 1st. UBS Group decreased their target price on Owens Corning from $175.00 to $169.00 and set a "buy" rating for the company in a research note on Thursday, February 15th. Truist Financial boosted their target price on Owens Corning from $115.00 to $145.00 and gave the company a "hold" rating in a research note on Thursday, February 15th. Royal Bank of Canada cut their price target on Owens Corning from $183.00 to $175.00 and set an "outperform" rating on the stock in a report on Thursday, February 15th. Finally, JPMorgan Chase & Co. cut their price target on Owens Corning from $164.00 to $163.00 and set a "neutral" rating on the stock in a report on Tuesday, February 20th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $162.14.

Owens Corning Company Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.

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