Oak Thistle LLC Raises Stock Holdings in Owens Corning Inc $OC

Oak Thistle LLC grew its stake in Owens Corning Inc (NYSE:OC) by 36.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,227 shares of the construction company’s stock after buying an additional 4,828 shares during the quarter. Oak Thistle LLC’s holdings in Owens Corning were worth $2,040,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of OC. Ariel Investments LLC boosted its stake in shares of Owens Corning by 24.8% in the second quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock worth $19,315,000 after acquiring an additional 27,871 shares during the period. Ashton Thomas Private Wealth LLC boosted its stake in shares of Owens Corning by 231.4% in the third quarter. Ashton Thomas Private Wealth LLC now owns 48,843 shares of the construction company’s stock worth $6,909,000 after acquiring an additional 34,106 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Owens Corning by 99.4% in the third quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company’s stock worth $128,917,000 after acquiring an additional 454,382 shares during the period. Caprock Group LLC bought a new position in shares of Owens Corning in the third quarter worth about $1,742,000. Finally, Rakuten Investment Management Inc. bought a new position in shares of Owens Corning in the third quarter worth about $8,135,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OC. Wells Fargo & Company dropped their price objective on Owens Corning from $155.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday. Royal Bank Of Canada set a $143.00 price objective on Owens Corning in a research note on Friday, January 9th. UBS Group upped their price objective on Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Argus raised Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. Finally, Barclays dropped their price objective on Owens Corning from $138.00 to $135.00 and set an “overweight” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and a consensus price target of $145.73.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $112.91 on Thursday. The stock has a 50 day moving average of $117.56 and a 200 day moving average of $119.01. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The firm has a market cap of $9.08 billion, a PE ratio of -17.64, a PEG ratio of 1.71 and a beta of 1.35. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the previous year, the company posted $3.22 earnings per share. Owens Corning’s quarterly revenue was down 16.8% on a year-over-year basis. On average, research analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be paid a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 dividend on an annualized basis and a yield of 2.8%. Owens Corning’s dividend payout ratio is presently -49.38%.

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.