NorthRock Partners LLC Grows Position in Owens Corning Inc $OC

NorthRock Partners LLC lifted its position in Owens Corning Inc (NYSE:OC) by 34.3% during the 2nd quarter, Holdings Channel reports. The firm owned 4,134 shares of the construction company’s stock after acquiring an additional 1,056 shares during the period. NorthRock Partners LLC’s holdings in Owens Corning were worth $569,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Bangor Savings Bank bought a new stake in Owens Corning in the 2nd quarter worth $28,000. Ameritas Advisory Services LLC bought a new position in shares of Owens Corning during the second quarter valued at about $42,000. Wayfinding Financial LLC purchased a new stake in shares of Owens Corning during the first quarter worth about $60,000. IFP Advisors Inc grew its stake in shares of Owens Corning by 76.0% in the second quarter. IFP Advisors Inc now owns 461 shares of the construction company’s stock worth $63,000 after purchasing an additional 199 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after purchasing an additional 184 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on OC shares. Bank of America dropped their price objective on Owens Corning from $180.00 to $168.00 and set a “buy” rating for the company in a report on Wednesday, October 1st. Wells Fargo & Company raised their price target on Owens Corning from $170.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, September 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Owens Corning in a research report on Wednesday, October 8th. Truist Financial decreased their price objective on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a report on Thursday, October 9th. Finally, Jefferies Financial Group cut their target price on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, October 7th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $178.31.

Owens Corning Trading Down 0.7%

Shares of NYSE OC opened at $127.42 on Thursday. Owens Corning Inc has a 1 year low of $123.23 and a 1 year high of $214.53. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The firm has a 50-day moving average of $145.59 and a 200 day moving average of $141.54. The stock has a market cap of $10.66 billion, a P/E ratio of 33.10, a price-to-earnings-growth ratio of 9.32 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same quarter in the prior year, the company earned $4.64 earnings per share. The business’s revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a yield of 2.2%. Owens Corning’s payout ratio is presently 71.69%.

About Owens Corning

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.