Owens Corning Inc $OC Shares Newly Purchased by M&G PLC

M&G PLC acquired a new stake in Owens Corning Inc (NYSE:OC) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 89,710 shares of the construction company’s stock, valued at approximately $10,496,000.

Several other hedge funds have also modified their holdings of the business. BlackRock Inc. purchased a new stake in Owens Corning during the second quarter worth about $1,401,161,000. Dimensional Fund Advisors LP boosted its position in shares of Owens Corning by 7.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after buying an additional 188,211 shares in the last quarter. First Trust Advisors LP grew its position in shares of Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after purchasing an additional 403,803 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after purchasing an additional 1,027,800 shares during the last quarter. Finally, Nykredit A S purchased a new stake in Owens Corning in the 2nd quarter valued at approximately $166,083,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on OC shares. Barclays lowered their target price on Owens Corning from $177.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, October 6th. Wall Street Zen downgraded Owens Corning from a “buy” rating to a “hold” rating in a research report on Saturday, October 10th. The Goldman Sachs Group reduced their price objective on Owens Corning from $169.00 to $128.00 and set a “neutral” rating on the stock in a research report on Monday, October 12th. Citigroup decreased their price objective on Owens Corning from $177.00 to $156.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Wells Fargo & Company lifted their price objective on Owens Corning from $125.00 to $133.00 and gave the stock an “overweight” rating in a research report on Thursday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Owens Corning has an average rating of “Hold” and an average target price of $140.93.

Owens Corning Stock Performance

Shares of OC stock opened at $122.82 on Wednesday. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.58 and a current ratio of 1.13. The company has a 50 day moving average price of $121.31 and a 200 day moving average price of $126.13. The firm has a market capitalization of $9.47 billion, a price-to-earnings ratio of -23.09, a price-to-earnings-growth ratio of 3.06 and a beta of 1.31.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing analysts’ consensus estimates of $3.07 by ($0.63). Owens Corning had a negative net margin of 4.42% and a positive return on equity of 19.14%. The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.62 billion. During the same quarter last year, the business earned $3.67 EPS. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. Sell-side analysts anticipate that Owens Corning Inc will post 8.47 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Monday, October 19th were paid a dividend of $0.79 per share. The ex-dividend date was Monday, October 19th. This represents a $3.16 annualized dividend and a yield of 2.6%. Owens Corning’s dividend payout ratio is currently -59.40%.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the transaction, the insider directly owned 21,449 shares of the company’s stock, valued at $3,090,157.43. The trade was a 4.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 currently owned by company insiders.

About Owens Corning

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works’ fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.