Man Group plc Makes New Investment in Owens Corning Inc $OC

Man Group plc bought a new stake in Owens Corning Inc (NYSE:OC) during the 2nd quarter, Holdings Channel reports. The firm bought 78,477 shares of the construction company’s stock, valued at approximately $12,475,000.

Several other hedge funds have also added to or reduced their stakes in OC. Pitcairn Co. grew its holdings in Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after buying an additional 80 shares in the last quarter. First Pacific Financial lifted its holdings in shares of Owens Corning by 2.3% during the first quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock worth $406,000 after buying an additional 85 shares in the last quarter. Viawealth LLC boosted its position in shares of 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 acquiring an additional 88 shares during the period. Fifth Third Wealth Advisors LLC grew its stake in shares of 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 acquiring an additional 90 shares in the last quarter. Finally, Basecamp Wealth Advisors LLC grew its stake in shares of Owens Corning by 3.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company’s stock valued at $359,000 after acquiring an additional 97 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Trading Down 1.1%

Shares of OC opened at $144.04 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The firm has a market cap of $11.39 billion, a price-to-earnings ratio of -17.87, a PEG ratio of 2.19 and a beta of 1.32. The business’s fifty day moving average is $144.85 and its 200-day moving average is $127.73.

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

Owens Corning Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on OC. Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Evercore reiterated an “outperform” rating and issued a $193.00 price target on shares of Owens Corning in a research note on Thursday, July 23rd. Royal Bank Of Canada increased their price target on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. Citigroup lifted their price objective on Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.