Rakuten Investment Management Inc. Invests $8.14 Million in Owens Corning Inc $OC

Rakuten Investment Management Inc. bought a new stake in shares of Owens Corning Inc (NYSE:OC) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 57,506 shares of the construction company’s stock, valued at approximately $8,135,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Twin Peaks Wealth Advisors LLC acquired a new position in Owens Corning in the 2nd quarter worth about $26,000. Rexford Capital Inc. purchased a new stake in shares of Owens Corning in the second quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Owens Corning during the 2nd quarter worth approximately $30,000. Vermillion & White Wealth Management Group LLC raised its stake in shares of Owens Corning by 149.4% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock worth $31,000 after buying an additional 133 shares during the period. Finally, Chilton Capital Management LLC purchased a new position in shares of Owens Corning during the 2nd quarter valued at approximately $37,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Up 3.1%

NYSE OC opened at $124.69 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. The stock has a market capitalization of $10.25 billion, a P/E ratio of -21.80, a PEG ratio of 11.53 and a beta of 1.35. The firm’s 50-day moving average is $113.33 and its two-hundred day moving average is $130.33. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $192.96.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.71 billion. During the same period in the previous year, the firm earned $4.38 EPS. The business’s revenue was down 2.9% on a year-over-year basis. On average, sell-side analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th were paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date was Monday, January 5th. Owens Corning’s payout ratio is currently -55.24%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Vertical Research began coverage on shares of Owens Corning in a research note on Monday, October 20th. They set a “hold” rating for the company. Barclays raised their price target on shares of Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. JPMorgan Chase & Co. reduced their target price on Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Finally, Bank of America reduced their price objective on Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and a consensus price target of $149.75.

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.