Quantinno Capital Management LP boosted its holdings in shares of Owens Corning Inc (NYSE:OC – Free Report) by 10.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 208,320 shares of the construction company’s stock after acquiring an additional 18,859 shares during the quarter. Quantinno Capital Management LP’s holdings in Owens Corning were worth $22,544,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System bought a new position in Owens Corning during the 1st quarter worth $2,576,000. BNP Paribas Financial Markets lifted its holdings in Owens Corning by 178.2% during the 4th quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company’s stock worth $20,888,000 after buying an additional 119,566 shares during the period. Raiffeisen Bank International AG grew its position in shares of Owens Corning by 12.4% in the 4th quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company’s stock valued at $39,976,000 after buying an additional 38,885 shares during the last quarter. Systematic Financial Management LP increased its stake in shares of Owens Corning by 10.8% in the fourth quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company’s stock valued at $27,355,000 after buying an additional 23,873 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Owens Corning by 1,243.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 39,134 shares of the construction company’s stock valued at $4,379,000 after buying an additional 36,222 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms recently commented on OC. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Truist Financial increased their target price on shares of Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, May 7th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Bank of America reduced their price objective on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Finally, The Goldman Sachs Group increased their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $157.92.
Owens Corning Trading Up 0.2%
NYSE OC opened at $139.13 on Friday. The stock has a market capitalization of $11.20 billion, a P/E ratio of -21.05, a P/E/G ratio of 2.70 and a beta of 1.30. The business has a 50 day simple moving average of $133.95 and a 200 day simple moving average of $124.23. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91.
Owens Corning (NYSE:OC – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.21. The firm had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.97 EPS. Research analysts expect that Owens Corning Inc will post 9.55 earnings per share for the current year.
Owens Corning Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, July 20th. Owens Corning’s payout ratio is presently -47.81%.
Insider Buying and Selling at Owens Corning
In other news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s 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 owned 15,848 shares in the company, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares in the company, valued at $374,005.56. This trade represents a 38.37% decrease in their position. The SEC filing for this sale provides additional information. 0.92% of the stock is owned by corporate insiders.
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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