Lombard Odier Asset Management Europe Ltd Purchases New Position in Owens Corning Inc $OC

Lombard Odier Asset Management Europe Ltd purchased a new stake in Owens Corning Inc (NYSE:OC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 143,945 shares of the construction company’s stock, valued at approximately $22,881,000. Owens Corning comprises about 0.1% of Lombard Odier Asset Management Europe Ltd’s investment portfolio, making the stock its 26th largest position. Lombard Odier Asset Management Europe Ltd owned 0.18% of Owens Corning as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. HM Payson & Co. grew its position in shares of Owens Corning by 203.6% in the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after buying an additional 112 shares during the last quarter. Fiduciary Financial Advisors acquired a new stake in Owens Corning during the 2nd quarter worth $35,000. Itau Unibanco Holding S.A. purchased a new stake in Owens Corning in the fourth quarter valued at $29,000. Cassaday & Co Wealth Management LLC purchased a new stake in Owens Corning in the first quarter valued at $30,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in Owens Corning in the third quarter valued at $42,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

OC has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft boosted their target price on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. The Goldman Sachs Group upped their target price on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. Truist Financial set a $198.00 price target on Owens Corning in a research note on Thursday, August 6th. Finally, DA Davidson started coverage on Owens Corning in a research report on Monday. They set a “buy” rating and a $190.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $165.31.

Owens Corning Trading Down 0.3%

Shares of OC stock opened at $143.27 on Friday. The company has a market capitalization of $11.33 billion, a P/E ratio of -17.78, a price-to-earnings-growth ratio of 2.16 and a beta of 1.32. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The business’s 50 day moving average is $145.16 and its two-hundred day moving average is $127.84. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 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 business 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 earned $4.21 earnings per share. The company’s quarterly revenue was up .3% compared to the same quarter last year. Equities analysts forecast that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Dividend Announcement

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

Owens Corning Profile

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.