Lee Danner & Bass Inc. raised its holdings in shares of Owens Corning Inc (NYSE:OC – Free Report) by 117.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,625 shares of the construction company’s stock after purchasing an additional 13,277 shares during the period. Lee Danner & Bass Inc.’s holdings in Owens Corning were worth $2,665,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Geneos Wealth Management Inc. boosted its position in shares of Owens Corning by 61.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after purchasing an additional 184 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Owens Corning during the 2nd quarter valued at about $277,000. EverSource Wealth Advisors LLC raised its stake in Owens Corning by 1,433.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after buying an additional 1,190 shares during the last quarter. Cerity Partners LLC raised its stake in Owens Corning by 294.3% in the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock valued at $2,389,000 after buying an additional 12,966 shares during the last quarter. Finally, Bank of Nova Scotia boosted its holdings in Owens Corning by 12.2% in the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock worth $421,000 after acquiring an additional 333 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.
Insider Activity
In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the sale, the vice president owned 3,093 shares in the company, valued at approximately $374,005.56. This represents a 38.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.
Owens Corning Trading Down 0.0%
Owens Corning (NYSE:OC – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.21. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period last year, the firm earned $2.97 EPS. Research analysts forecast that Owens Corning Inc will post 9.53 earnings per share for the current year.
Owens Corning Dividend Announcement
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 issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is -47.81%.
Analyst Upgrades and Downgrades
OC has been the topic of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of Owens Corning from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday. Evercore upgraded shares of Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 price target on the stock in a research note on Tuesday. Finally, The Goldman Sachs Group raised their price target on shares of Owens Corning from $125.00 to $141.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned 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 $150.58.
Get Our Latest Report on Owens Corning
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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