Legal & General Group Plc Acquires New Stake in Owens Corning Inc $OC

Legal & General Group Plc purchased a new position in shares of Owens Corning Inc (NYSE:OC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 119,608 shares of the construction company’s stock, valued at approximately $19,013,000. Legal & General Group Plc owned approximately 0.15% of Owens Corning as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. HM Payson & Co. raised its stake in shares of Owens Corning by 203.6% during the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after buying an additional 112 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Owens Corning in the fourth quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC purchased a new position in Owens Corning in the first quarter worth $30,000. Fiduciary Financial Advisors acquired a new stake in Owens Corning in the second quarter valued at $35,000. Finally, Harbour Investments Inc. boosted its position in shares of Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after purchasing an additional 129 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Truist Financial set a $198.00 price target on Owens Corning in a report on Thursday, August 6th. The Goldman Sachs Group raised their price target on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. JPMorgan Chase & Co. increased their price objective on shares of Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, Wall Street Zen upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $165.31.

Owens Corning Stock Performance

Shares of OC stock opened at $143.27 on Friday. 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 has a market capitalization of $11.33 billion, a price-to-earnings ratio of -17.78, a price-to-earnings-growth ratio of 2.15 and a beta of 1.32. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91. The company has a 50 day moving average price of $145.16 and a 200 day moving average price of $127.84.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $4.21 EPS. Sell-side analysts anticipate that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s payout ratio is currently -39.21%.

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.