OMERS ADMINISTRATION Corp bought a new position in Owens Corning Inc (NYSE:OC – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,400 shares of the construction company’s stock, valued at approximately $858,000.
A number of other institutional investors and hedge funds also recently modified their holdings of OC. BlackRock Inc. acquired a new stake in Owens Corning during the 2nd quarter worth about $1,401,161,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Owens Corning by 460.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after acquiring an additional 1,078,877 shares during the period. Norges Bank purchased a new stake in shares of Owens Corning in the 4th quarter valued at approximately $119,748,000. Allspring Global Investments Holdings LLC boosted its stake in Owens Corning by 721.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after purchasing an additional 1,027,800 shares during the period. Finally, Gendell Jeffrey L grew its position in Owens Corning by 349.3% during the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock worth $103,188,000 after purchasing an additional 716,839 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.
Owens Corning Stock Down 1.1%
OC opened at $144.04 on Friday. The company has a market capitalization of $11.39 billion, a PE ratio of -17.87, a price-to-earnings-growth ratio of 2.19 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91. The business has a 50-day moving average of $144.85 and a 200-day moving average of $127.73.
Owens Corning Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s payout ratio is currently -39.21%.
Wall Street Analyst Weigh In
Several analysts have issued reports on the stock. Royal Bank Of Canada boosted their target price on shares of Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research note on Friday, July 10th. Barclays lifted their price target on Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. The Goldman Sachs Group upped their price target on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. DA Davidson assumed coverage on Owens Corning in a research note on Monday. They issued a “buy” rating and a $190.00 price objective for the company. Finally, Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $165.31.
View Our Latest Research Report on OC
About Owens Corning
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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