Fulcrum Asset Management LLP Purchases 5,804 Shares of Owens Corning Inc $OC

Fulcrum Asset Management LLP purchased a new stake in Owens Corning Inc (NYSE:OC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,804 shares of the construction company’s stock, valued at approximately $687,000.

Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Owens Corning during the 2nd quarter worth $1,401,161,000. Dimensional Fund Advisors LP increased its holdings in Owens Corning by 7.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after purchasing an additional 188,211 shares in the last quarter. First Trust Advisors LP raised its position in Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after purchasing an additional 403,803 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Owens Corning by 721.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after purchasing an additional 1,027,800 shares during the last quarter. Finally, Nykredit A S bought a new position in Owens Corning in the second quarter valued at about $166,083,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $117.56 on Friday. The stock has a market cap of $9.07 billion, a price-to-earnings ratio of -22.10, a P/E/G ratio of 2.95 and a beta of 1.31. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91. The company’s fifty day moving average is $120.75 and its 200 day moving average is $126.09. The company has a quick ratio of 0.58, a current ratio of 1.13 and a debt-to-equity ratio of 1.33.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.07 by ($0.63). The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.62 billion. Owens Corning had a positive return on equity of 19.14% and a negative net margin of 4.42%. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $3.67 earnings per share. Sell-side analysts forecast that Owens Corning Inc will post 8.47 EPS for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Monday, October 19th were given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, October 19th. Owens Corning’s payout ratio is -59.40%.

Wall Street Analysts Forecast Growth

OC has been the topic of several research reports. DA Davidson set a $143.00 price target on Owens Corning in a report on Friday, October 9th. Barclays dropped their price objective on shares of Owens Corning from $177.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, October 6th. Melius Research began coverage on shares of Owens Corning in a report on Tuesday, October 6th. They issued a “sell” rating and a $118.00 price objective for the company. Wells Fargo & Company lifted their target price on shares of Owens Corning from $125.00 to $133.00 and gave the stock an “overweight” rating in a research report on Thursday, November 5th. Finally, Wall Street Zen lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $140.93.

Insider Buying and Selling at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the sale, the insider owned 21,449 shares of the company’s stock, valued at approximately $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

About Owens Corning

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works’ fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.