L2 Asset Management LLC Has $2.24 Million Stake in Owens Corning Inc $OC

L2 Asset Management LLC trimmed its stake in Owens Corning Inc (NYSE:OC) by 34.5% during the third quarter, Holdings Channel reports. The fund owned 15,801 shares of the construction company’s stock after selling 8,335 shares during the quarter. L2 Asset Management LLC’s holdings in Owens Corning were worth $2,235,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OC. Ariel Investments LLC lifted its position 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 acquiring an additional 27,871 shares during the last quarter. Ashton Thomas Private Wealth LLC grew its position in shares of Owens Corning by 231.4% in the third quarter. Ashton Thomas Private Wealth LLC now owns 48,843 shares of the construction company’s stock valued at $6,909,000 after purchasing an additional 34,106 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Owens Corning by 6.7% in the second quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock worth $62,840,000 after purchasing an additional 28,814 shares during the period. Nomura Asset Management Co. Ltd. increased 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 purchasing an additional 2,421 shares during the period. Finally, Caprock Group LLC acquired a new position in shares of Owens Corning during the 3rd quarter worth about $1,742,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OC has been the subject of several recent analyst reports. Wells Fargo & Company increased their target price on Owens Corning from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. Evercore reduced their price objective on 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. Citigroup lowered their price objective on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Finally, Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $151.58.

Owens Corning Trading Up 1.3%

Shares of OC opened at $107.83 on Tuesday. The stock’s 50-day moving average price is $122.77 and its 200 day moving average price is $124.11. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20. The firm has a market capitalization of $8.67 billion, a price-to-earnings ratio of -16.85, a P/E/G ratio of 1.72 and a beta of 1.35. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42.

Owens Corning (NYSE:OC) last announced its quarterly earnings data 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 firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the prior year, the business posted $3.22 EPS. Owens Corning’s revenue was down 16.8% compared to the same quarter last year. As a group, research analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, March 9th. Owens Corning’s dividend payout ratio (DPR) is -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.