Fifth Third Bancorp Has $5.10 Million Holdings in Owens Corning Inc $OC

Fifth Third Bancorp raised its position in Owens Corning Inc (NYSE:OC) by 6,386.8% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 47,094 shares of the construction company’s stock after acquiring an additional 46,368 shares during the period. Fifth Third Bancorp owned about 0.06% of Owens Corning worth $5,096,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Owens Corning in the fourth quarter valued at approximately $29,000. Measured Wealth Private Client Group LLC bought a new position in Owens Corning in the third quarter valued at approximately $42,000. Harbour Investments Inc. boosted its stake in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after buying an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning in the 4th quarter valued at approximately $37,000. Finally, Global Retirement Partners LLC boosted its holdings in shares of Owens Corning by 1,173.3% during the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock valued at $43,000 after acquiring an additional 352 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Down 0.4%

OC opened at $144.04 on Friday. The firm has a market capitalization of $11.60 billion, a P/E ratio of -21.79, a price-to-earnings-growth ratio of 2.81 and a beta of 1.30. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91. The company has a fifty day moving average price of $129.08 and a 200-day moving average price of $122.42. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.21. The firm had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company’s revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.97 EPS. Equities research analysts expect that Owens Corning Inc will post 9.55 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning’s dividend payout ratio is currently -47.81%.

Analyst Ratings Changes

A number of equities analysts recently commented on OC shares. JPMorgan Chase & Co. lifted their price objective on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Wells Fargo & Company upped their price objective on shares of Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Bank of America cut their target price on Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.50.

Insider Buying and Selling

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares of the company’s stock, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the insider directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

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.