Owens Corning Inc $OC Shares Purchased by Rafferty Asset Management LLC

Rafferty Asset Management LLC boosted its stake in shares of Owens Corning Inc (NYSE:OC) by 115.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,621 shares of the construction company’s stock after acquiring an additional 36,173 shares during the quarter. Rafferty Asset Management LLC owned 0.08% of Owens Corning worth $9,566,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Ossiam grew its stake in shares of Owens Corning by 5.9% during the 2nd quarter. Ossiam now owns 1,254 shares of the construction company’s stock worth $172,000 after purchasing an additional 70 shares during the period. Pitcairn Co. lifted its stake in shares of Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after purchasing an additional 80 shares during the period. Archer Investment Corp boosted its holdings in Owens Corning by 13.3% during the third quarter. Archer Investment Corp now owns 748 shares of the construction company’s stock worth $106,000 after buying an additional 88 shares in the last quarter. Brown Advisory Inc. grew its position in Owens Corning by 0.8% during the second quarter. Brown Advisory Inc. now owns 11,847 shares of the construction company’s stock valued at $1,629,000 after buying an additional 96 shares during the period. Finally, State of Michigan Retirement System grew its position in Owens Corning by 0.4% during the second quarter. State of Michigan Retirement System now owns 24,588 shares of the construction company’s stock valued at $3,381,000 after buying an additional 100 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OC has been the subject of a number of analyst reports. Evercore decreased their price objective on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research report on Thursday, December 4th. UBS Group raised their price objective on Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a report on Thursday. Argus raised Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. decreased their target price on Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $151.58.

Owens Corning Trading Down 0.2%

Shares of OC opened at $121.99 on Monday. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42. The stock has a market cap of $9.81 billion, a PE ratio of -19.06, a price-to-earnings-growth ratio of 1.91 and a beta of 1.35. The firm’s fifty day moving average is $123.51 and its two-hundred day moving average is $127.36. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. Owens Corning’s quarterly revenue was down 16.8% on a year-over-year basis. During the same quarter last year, the company earned $3.22 earnings per share. Research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, March 9th. Owens Corning’s dividend payout ratio (DPR) is currently -49.38%.

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.