First Trust Advisors LP boosted its holdings in shares of Owens Corning Inc (NYSE:OC – Free Report) by 22.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 2,179,214 shares of the construction company’s stock after acquiring an additional 403,803 shares during the period. First Trust Advisors LP’s holdings in Owens Corning were worth $235,835,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in OC. Itau Unibanco Holding S.A. acquired a new position in shares of Owens Corning in the 4th quarter valued at $29,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Owens Corning during the first quarter worth $30,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Owens Corning during the third quarter worth $42,000. Harbour Investments Inc. increased its holdings in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after purchasing an additional 129 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in Owens Corning in the fourth quarter valued at about $37,000. Institutional investors own 88.40% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have issued reports on OC. Truist Financial raised their target price on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, May 7th. Wells Fargo & Company upped their price target on Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. increased their price target on shares of Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Evercore raised shares of Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 price objective on the stock in a research note on Tuesday, June 30th. Finally, Barclays boosted their target price on Owens Corning from $144.00 to $170.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $157.50.
Insider Buying and Selling
In other news, VP Mari Doerfler sold 1,926 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the transaction, the vice president directly owned 3,093 shares of the company’s stock, valued at $374,005.56. This trade represents a 38.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was 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 $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.
Owens Corning Price Performance
Shares of NYSE OC opened at $139.99 on Thursday. The company has a fifty day moving average price of $130.33 and a 200 day moving average price of $123.08. The firm has a market cap of $11.27 billion, a PE ratio of -21.18, a PEG ratio of 2.72 and a beta of 1.30. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91.
Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.21. The firm 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 company’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the business posted $2.97 EPS. Research analysts predict that Owens Corning Inc will post 9.55 earnings per share for the current fiscal year.
Owens Corning Dividend Announcement
The company 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 $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is currently -47.81%.
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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