OFI Invest Asset Management Acquires Shares of 33,192 Owens Corning Inc $OC

OFI Invest Asset Management bought a new position in Owens Corning Inc (NYSE:OC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 33,192 shares of the construction company’s stock, valued at approximately $4,695,000.

A number of other large investors have also modified their holdings of OC. Ossiam boosted its holdings in Owens Corning by 5.9% in the 2nd quarter. Ossiam now owns 1,254 shares of the construction company’s stock worth $172,000 after acquiring an additional 70 shares during the period. Pitcairn Co. lifted its position 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 worth $250,000 after purchasing an additional 80 shares in the last quarter. Brown Advisory Inc. boosted its stake in shares of Owens Corning by 0.8% in the second quarter. Brown Advisory Inc. now owns 11,847 shares of the construction company’s stock valued at $1,629,000 after purchasing an additional 96 shares during the period. State of Michigan Retirement System grew its holdings in Owens Corning by 0.4% during the 2nd quarter. State of Michigan Retirement System now owns 24,588 shares of the construction company’s stock valued at $3,381,000 after purchasing an additional 100 shares in the last quarter. Finally, Assetmark Inc. increased its stake in Owens Corning by 51.0% during the 2nd quarter. Assetmark Inc. now owns 299 shares of the construction company’s stock worth $41,000 after buying an additional 101 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of OC opened at $113.33 on Tuesday. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $192.96. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.05. The firm has a market cap of $9.31 billion, a price-to-earnings ratio of -19.81, a PEG ratio of 9.22 and a beta of 1.35. The stock has a 50 day moving average of $114.74 and a 200-day moving average of $133.37.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.64 by $0.03. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The business’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $4.38 EPS. As a group, analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 21st. Investors of record on Monday, January 5th will be given a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, January 5th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.8%. This is a boost from Owens Corning’s previous quarterly dividend of $0.69. Owens Corning’s payout ratio is currently -48.25%.

Analyst Ratings Changes

A number of equities analysts have weighed in on OC shares. Truist Financial decreased their price objective on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research report on Thursday, October 9th. UBS Group cut their price target on Owens Corning from $210.00 to $179.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Jefferies Financial Group lowered their price objective on Owens Corning from $185.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 15th. Finally, Evercore ISI reduced their target price on Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research note on Thursday, December 4th. Ten research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $155.58.

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.