Sanctuary Advisors LLC Takes Position in Owens Corning Inc $OC

Sanctuary Advisors LLC purchased a new position in shares of Owens Corning Inc (NYSE:OC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 17,977 shares of the construction company’s stock, valued at approximately $2,858,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. HM Payson & Co. grew its holdings in shares of Owens Corning by 203.6% during the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after buying an additional 112 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new stake in Owens Corning during the 4th quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC acquired a new stake in Owens Corning during the 1st quarter worth approximately $30,000. Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning during the 3rd quarter worth approximately $42,000. Finally, Harbour Investments Inc. grew its stake in shares of Owens Corning by 66.5% in the 4th 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. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by corporate insiders.

Owens Corning Stock Down 0.3%

Owens Corning stock opened at $146.57 on Wednesday. The stock’s 50 day moving average price is $144.10 and its 200 day moving average price is $127.58. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91. The company has a market cap of $11.59 billion, a PE ratio of -18.19, a price-to-earnings-growth ratio of 2.21 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the prior year, the business posted $4.21 earnings per share. Owens Corning’s revenue was up .3% compared to the same quarter last year. On average, sell-side analysts predict that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were paid a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.2%. Owens Corning’s dividend payout ratio is -39.21%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on OC. Wells Fargo & Company boosted their target price on Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Evercore reiterated an “outperform” rating and issued a $193.00 price objective on shares of Owens Corning in a research report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Finally, Truist Financial set a $198.00 target price on shares of Owens Corning in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Owens Corning has a consensus rating of “Moderate Buy” and a consensus price target of $165.31.

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.