Owens Corning Inc $OC Holdings Lifted by Cinctive Capital Management LP

Cinctive Capital Management LP grew its holdings in shares of Owens Corning Inc (NYSE:OC) by 39.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,005 shares of the construction company’s stock after buying an additional 5,359 shares during the period. Cinctive Capital Management LP’s holdings in Owens Corning were worth $2,688,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. California Public Employees Retirement System grew its holdings in Owens Corning by 1.6% in the 3rd quarter. California Public Employees Retirement System now owns 161,235 shares of the construction company’s stock worth $22,808,000 after buying an additional 2,484 shares in the last quarter. Bank of Nova Scotia raised its stake in Owens Corning by 25.6% during the 3rd quarter. Bank of Nova Scotia now owns 3,843 shares of the construction company’s stock valued at $544,000 after acquiring an additional 784 shares in the last quarter. Boothbay Fund Management LLC raised its stake in Owens Corning by 130.5% during the 3rd quarter. Boothbay Fund Management LLC now owns 81,295 shares of the construction company’s stock valued at $11,500,000 after acquiring an additional 46,022 shares in the last quarter. Alliancebernstein L.P. boosted its position in Owens Corning by 28.1% during the 3rd quarter. Alliancebernstein L.P. now owns 149,206 shares of the construction company’s stock worth $21,107,000 after acquiring an additional 32,775 shares during the period. Finally, Schonfeld Strategic Advisors LLC grew its stake in shares of Owens Corning by 20.9% in the third quarter. Schonfeld Strategic Advisors LLC now owns 64,549 shares of the construction company’s stock worth $9,131,000 after purchasing an additional 11,162 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Barclays lifted their price objective on shares of Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. UBS Group upped their price target on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Finally, Evercore lowered 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 note on Thursday, December 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $151.58.

Owens Corning Price Performance

Shares of NYSE OC opened at $106.48 on Monday. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.42. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20. The firm has a 50-day moving average of $122.88 and a two-hundred day moving average of $124.42. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of -16.64, a PEG ratio of 1.72 and a beta of 1.35.

Owens Corning (NYSE:OC) last released 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). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the previous year, the firm earned $3.22 earnings per share. The firm’s revenue for the quarter was down 16.8% compared to the same quarter last year. As a group, analysts expect 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. Shareholders of record on Monday, March 9th will be issued a $0.79 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 annualized dividend and a dividend yield of 3.0%. Owens Corning’s dividend payout ratio is currently -49.38%.

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.