Pallas Capital Advisors LLC Invests $933,000 in Owens Corning Inc $OC

Pallas Capital Advisors LLC acquired a new position in shares of Owens Corning Inc (NYSE:OC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,872 shares of the construction company’s stock, valued at approximately $933,000.

Other institutional investors have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership grew its stake in Owens Corning by 460.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after purchasing an additional 1,078,877 shares in the last quarter. Norges Bank purchased a new stake in shares of Owens Corning during the 4th quarter worth about $119,748,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after buying an additional 1,027,800 shares during the last quarter. Gendell Jeffrey L grew its stake in shares of Owens Corning by 349.3% in the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock valued at $103,188,000 after buying an additional 716,839 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Owens Corning by 33.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock valued at $288,332,000 after buying an additional 645,773 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on OC shares. Barclays raised their price objective 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. Evercore reissued an “outperform” rating and issued a $193.00 target price on shares of Owens Corning in a research report on Thursday, July 23rd. Truist Financial set a $198.00 price target on shares of Owens Corning in a research note on Thursday, August 6th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. One investment 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 company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $163.25.

Insider Transactions at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Owens Corning Stock Down 2.0%

Shares of OC stock opened at $150.78 on Wednesday. The stock’s 50 day simple moving average is $141.49 and its 200 day simple moving average is $126.73. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91. 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 company has a market capitalization of $11.92 billion, a price-to-earnings ratio of -18.71, a PEG ratio of 2.33 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced 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. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the prior year, the business earned $4.21 earnings per share. The company’s revenue was up .3% on a year-over-year basis. As a group, research analysts predict 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. Investors of record on Monday, July 20th were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s dividend 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.