Tiptree Advisors LLC Purchases Shares of 72,000 Owens Corning Inc $OC

Tiptree Advisors LLC acquired a new stake in Owens Corning Inc (NYSE:OC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 72,000 shares of the construction company’s stock, valued at approximately $11,445,000. Owens Corning makes up approximately 7.1% of Tiptree Advisors LLC’s holdings, making the stock its 5th biggest position.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its holdings in Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after purchasing an additional 184 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Owens Corning during the 2nd quarter worth approximately $277,000. EverSource Wealth Advisors LLC boosted its stake in Owens Corning by 1,433.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after buying an additional 1,190 shares in the last quarter. Cerity Partners LLC boosted its stake in Owens Corning by 294.3% in the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock valued at $2,389,000 after buying an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia grew its position in Owens Corning by 12.2% in the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock valued at $421,000 after acquiring an additional 333 shares during the period. Institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of OC stock opened at $145.57 on Thursday. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The stock has a market capitalization of $11.51 billion, a PE ratio of -18.06, a PEG ratio of 2.21 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 stock’s fifty day moving average is $144.53 and its 200-day moving average is $127.67.

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

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Monday, July 20th. Owens Corning’s dividend payout ratio is presently -39.21%.

Analysts Set New Price Targets

OC has been the subject of several recent analyst reports. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Truist Financial set a $198.00 target price on shares of Owens Corning in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Barclays boosted their price target on shares of Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company upped their price objective on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $165.31.

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.