Boothbay Fund Management LLC Has $11.50 Million Position in Owens Corning Inc $OC

Boothbay Fund Management LLC grew its stake in shares of Owens Corning Inc (NYSE:OC) by 130.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 81,295 shares of the construction company’s stock after acquiring an additional 46,022 shares during the period. Boothbay Fund Management LLC’s holdings in Owens Corning were worth $11,500,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of OC. Twin Peaks Wealth Advisors LLC acquired a new stake in Owens Corning during the second quarter valued at $26,000. Rexford Capital Inc. acquired a new stake in shares of Owens Corning during the 2nd quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Owens Corning in the 2nd quarter valued at approximately $30,000. Vermillion & White Wealth Management Group LLC grew its stake in shares of Owens Corning by 149.4% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after buying an additional 133 shares in the last quarter. Finally, Root Financial Partners LLC bought a new position in Owens Corning during the third quarter valued at approximately $39,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of NYSE OC opened at $106.48 on Friday. 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 business’s 50 day moving average is $122.88 and its two-hundred day moving average is $124.63. The company has a market cap of $8.56 billion, a P/E ratio of -16.64, 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 posted its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.26). The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm’s revenue was down 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted $3.22 earnings per share. On average, equities analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 9th will be issued a $0.79 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 3.0%. Owens Corning’s dividend payout ratio is -49.38%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OC. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. UBS Group increased their target price on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Citigroup decreased their price target on Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Barclays increased their price objective on Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Finally, Evercore decreased their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $151.58.

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.