Concurrent Investment Advisors LLC Takes $570,000 Position in Owens Corning Inc $OC

Concurrent Investment Advisors LLC acquired a new stake in shares of Owens Corning Inc (NYSE:OC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,092 shares of the construction company’s stock, valued at approximately $570,000.

Several other hedge funds have also recently modified their holdings of the stock. Pitcairn Co. increased its holdings in shares of Owens Corning by 4.6% during the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after acquiring an additional 80 shares in the last quarter. Archer Investment Corp increased its holdings in shares of Owens Corning by 13.3% during the third quarter. Archer Investment Corp now owns 748 shares of the construction company’s stock valued at $106,000 after acquiring an additional 88 shares in the last quarter. Pallas Capital Advisors LLC increased its holdings in shares of Owens Corning by 2.7% during the fourth quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock valued at $447,000 after acquiring an additional 104 shares in the last quarter. Park Avenue Securities LLC increased its holdings in shares of Owens Corning by 7.2% during the third quarter. Park Avenue Securities LLC now owns 1,652 shares of the construction company’s stock valued at $234,000 after acquiring an additional 111 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC increased its holdings in Owens Corning by 0.8% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 14,303 shares of the construction company’s stock worth $1,626,000 after buying an additional 117 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of NYSE:OC opened at $122.58 on Monday. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.42. The company’s 50 day moving average is $114.25 and its 200 day moving average is $117.09. The company has a market cap of $9.85 billion, a PE ratio of -19.15, a price-to-earnings-growth ratio of 2.08 and a beta of 1.35.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter in the prior year, the company posted $3.22 EPS. The company’s revenue for the quarter was down 16.8% on a year-over-year basis. On average, sell-side analysts forecast that Owens Corning Inc will post 9.45 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 9th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, March 9th. Owens Corning’s dividend payout ratio is currently -49.38%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OC. Evercore set a $130.00 price target on shares of Owens Corning in a report on Friday, April 24th. Argus upgraded shares of Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. Bank of America cut their price target on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Wells Fargo & Company increased their price target on shares of Owens Corning from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a report on Friday, March 27th. One research 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.09.

Owens Corning 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.