Bull Harbor Capital LLC Takes $521,000 Position in Owens Corning Inc $OC

Bull Harbor Capital LLC purchased a new stake in Owens Corning Inc (NYSE:OC) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,812 shares of the construction company’s stock, valued at approximately $521,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OC. Itau Unibanco Holding S.A. bought a new stake in Owens Corning during the 4th quarter worth about $29,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Owens Corning in the first quarter worth about $30,000. Measured Wealth Private Client Group LLC bought a new position in shares of Owens Corning in the third quarter worth about $42,000. Harbour Investments Inc. lifted its position in shares of Owens Corning by 66.5% during the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after purchasing an additional 129 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Owens Corning during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Up 0.2%

Shares of NYSE:OC opened at $139.13 on Friday. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91. The company has a 50 day moving average of $133.95 and a 200-day 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. The stock has a market cap of $11.20 billion, a price-to-earnings ratio of -21.05, a P/E/G ratio of 2.69 and a beta of 1.30.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping 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 the consensus estimate of $2.18 billion. During the same period in the previous year, the firm posted $2.97 earnings per share. Owens Corning’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, sell-side analysts forecast that Owens Corning Inc will post 9.55 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, July 20th. This represents a $3.16 annualized dividend and a dividend yield of 2.3%. 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 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 transaction, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 firm’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 completion of the transaction, the vice president owned 3,093 shares in the company, valued at $374,005.56. This represents a 38.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.92% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on OC shares. Evercore reissued an “outperform” rating and issued a $193.00 price target on shares of Owens Corning in a report on Thursday, July 23rd. Royal Bank Of Canada upped their price objective on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Wells Fargo & Company increased their price objective on Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Barclays lifted 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. Finally, JPMorgan Chase & Co. boosted their target price on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $157.92.

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.