Sound Shore Management Inc. CT Takes $64.10 Million Position in Owens Corning Inc $OC

Sound Shore Management Inc. CT purchased a new stake in Owens Corning Inc (NYSE:OC) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 592,330 shares of the construction company’s stock, valued at approximately $64,102,000.

A number of other large investors have also added to or reduced their stakes in OC. Itau Unibanco Holding S.A. bought a new position in Owens Corning during the 4th quarter worth $29,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Owens Corning during the 3rd quarter valued at $42,000. Harbour Investments Inc. lifted its position in shares of Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after acquiring an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Owens Corning during the 4th quarter worth $37,000. Finally, Global Retirement Partners LLC grew its holdings in shares of Owens Corning by 1,173.3% during the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock worth $43,000 after purchasing an additional 352 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OC. Weiss Ratings raised Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Barclays boosted their target price on shares of Owens Corning from $144.00 to $170.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Royal Bank Of Canada upped their price target on shares of Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Finally, Truist Financial increased their price target on shares of Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.50.

Owens Corning Price Performance

OC stock opened at $144.04 on Monday. The company has a 50 day simple moving average of $129.08 and a 200 day simple moving average of $122.49. The stock has a market cap of $11.60 billion, a price-to-earnings ratio of -21.79, a P/E/G ratio of 2.79 and a beta of 1.30. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The company’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the business posted $2.97 earnings per share. Research analysts anticipate that Owens Corning Inc will post 9.55 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Monday, July 20th. Owens Corning’s dividend payout ratio is presently -47.81%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president owned 3,093 shares of the company’s stock, valued at $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.92% of the company’s stock.

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.