Great Lakes Advisors LLC Takes $4.22 Million Position in Owens Corning Inc $OC

Great Lakes Advisors LLC acquired a new position in shares of Owens Corning Inc (NYSE:OC) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 26,574 shares of the construction company’s stock, valued at approximately $4,225,000.

Several other hedge funds and other institutional investors have also modified their holdings of OC. HM Payson & Co. raised its stake in Owens Corning by 203.6% during the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after acquiring an additional 112 shares during the period. Itau Unibanco Holding S.A. acquired a new position in Owens Corning in the fourth quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC acquired a new position in Owens Corning in the first quarter valued at approximately $30,000. Harbour Investments Inc. grew its holdings in shares of Owens Corning by 66.5% during the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after purchasing an additional 129 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Owens Corning during the 4th quarter worth approximately $37,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OC has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft raised their price target on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Weiss Ratings raised Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, June 24th. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Truist Financial set a $198.00 price target on shares of Owens Corning in a report on Thursday, August 6th. Finally, Citigroup upped their price target on shares of Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nine 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $163.25.

Owens Corning Trading Down 2.7%

Owens Corning stock opened at $147.19 on Friday. The firm has a market cap of $11.64 billion, a price-to-earnings ratio of -18.26, a price-to-earnings-growth ratio of 2.28 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The firm’s 50 day moving average price is $142.73 and its two-hundred day moving average price is $127.15. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm posted $4.21 EPS. On average, research analysts predict that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is presently -39.21%.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by insiders.

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.