TrueMark Investments LLC Makes New Investment in Owens Corning Inc $OC

TrueMark Investments LLC purchased a new stake in Owens Corning Inc (NYSE:OC) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 26,739 shares of the construction company’s stock, valued at approximately $3,782,000.

A number of other hedge funds have also modified their holdings of OC. Ariel Investments LLC increased its stake in Owens Corning by 24.8% during the 2nd quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock worth $19,315,000 after buying an additional 27,871 shares during the period. JPMorgan Chase & Co. boosted its position in Owens Corning by 6.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock valued at $62,840,000 after buying an additional 28,814 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in shares of Owens Corning by 6.1% in the second quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company’s stock worth $5,779,000 after acquiring an additional 2,421 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Owens Corning by 0.7% during the second quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock worth $305,291,000 after acquiring an additional 15,927 shares during the period. Finally, Aviva PLC raised its stake in shares of Owens Corning by 7.2% in the second quarter. Aviva PLC now owns 60,634 shares of the construction company’s stock valued at $8,338,000 after acquiring an additional 4,091 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of OC opened at $124.33 on Friday. The company has a market capitalization of $10.22 billion, a price-to-earnings ratio of -21.74, a price-to-earnings-growth ratio of 2.59 and a beta of 1.35. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $192.96. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05. The stock has a 50 day moving average price of $114.24 and a 200 day moving average price of $130.17.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter last year, the company earned $4.38 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. Research analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 21st. Investors of record on Monday, January 5th were given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.5%. This is a boost from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Monday, January 5th. Owens Corning’s dividend payout ratio is presently -55.24%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Evercore ISI lowered 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. 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 report on Tuesday, October 7th. Argus upgraded shares of Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. Truist Financial decreased their price target on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research note on Thursday, October 9th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $149.75.

Owens Corning Company 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.