Handelsbanken Fonder AB Acquires 46,519 Shares of Owens Corning Inc $OC

Handelsbanken Fonder AB increased its stake in Owens Corning Inc (NYSE:OC) by 208.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,819 shares of the construction company’s stock after acquiring an additional 46,519 shares during the period. Handelsbanken Fonder AB’s holdings in Owens Corning were worth $9,735,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Owens Corning in the 2nd quarter valued at approximately $26,000. Rexford Capital Inc. purchased a new stake in Owens Corning during the 2nd quarter valued at $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Owens Corning in the second quarter worth $30,000. Vermillion & White Wealth Management Group LLC boosted its stake in Owens Corning by 149.4% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock worth $31,000 after buying an additional 133 shares during the period. Finally, Root Financial Partners LLC bought a new position in Owens Corning during the third quarter valued at $39,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Trading Down 0.2%

NYSE OC opened at $121.99 on Monday. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. The company has a market capitalization of $9.81 billion, a price-to-earnings ratio of -19.06, a price-to-earnings-growth ratio of 1.91 and a beta of 1.35. The company’s 50-day simple moving average is $123.51 and its two-hundred day simple moving average is $127.36.

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

Owens Corning Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Evercore reduced their price objective on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a research report on Thursday, December 4th. Citigroup dropped their target price on Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. UBS Group upped their target price on Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Argus raised Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $151.58.

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.