First Trust Advisors LP Buys 403,803 Shares of Owens Corning Inc $OC

First Trust Advisors LP boosted its stake in shares of Owens Corning Inc (NYSE:OC) by 22.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,179,214 shares of the construction company’s stock after acquiring an additional 403,803 shares during the quarter. First Trust Advisors LP owned 2.71% of Owens Corning worth $235,835,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pitcairn Co. grew its holdings in shares of Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock worth $250,000 after purchasing an additional 80 shares during the last quarter. First Pacific Financial lifted its holdings in Owens Corning by 2.3% during the 1st quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock valued at $406,000 after purchasing an additional 85 shares during the last quarter. Viawealth LLC boosted its position in Owens Corning by 3.6% in the fourth quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock valued at $287,000 after buying an additional 88 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its position in Owens Corning by 2.9% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock valued at $343,000 after buying an additional 90 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its stake in Owens Corning by 2.7% during the fourth quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock worth $447,000 after buying an additional 104 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The SEC filing for this sale provides additional information. 0.92% of the stock is currently owned by company insiders.

Owens Corning Price Performance

Shares of OC stock opened at $139.99 on Thursday. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The firm’s 50 day moving average is $130.33 and its 200-day moving average is $123.08. The firm has a market capitalization of $11.27 billion, a price-to-earnings 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 (NYSE:OC) last issued its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The business had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same quarter last year, the business posted $2.97 earnings per share. Owens Corning’s revenue for the quarter was down 10.5% compared to the same quarter last year. Sell-side analysts forecast that Owens Corning Inc will post 9.55 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders 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 is Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is presently -47.81%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on OC shares. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Barclays increased their price target on Owens Corning from $144.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Wells Fargo & Company raised their price target on Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Truist Financial lifted their price objective on Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a research report on Thursday, May 7th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $157.50.

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.