Bank of Nova Scotia Purchases Shares of 12,190 Owens Corning Inc $OC

Bank of Nova Scotia acquired a new stake in Owens Corning Inc (NYSE:OC) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,190 shares of the construction company’s stock, valued at approximately $1,319,000.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Owens Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock worth $1,092,883,000 after purchasing an additional 84,096 shares in the last quarter. State Street Corp raised its stake in Owens Corning by 2.3% during the 3rd quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock valued at $514,205,000 after purchasing an additional 81,133 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Owens Corning by 7.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after purchasing an additional 188,211 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Owens Corning by 9.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company’s stock worth $290,321,000 after purchasing an additional 231,871 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in Owens Corning by 22.7% in the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after purchasing an additional 403,803 shares during the period. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE OC opened at $136.38 on Thursday. 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 Inc has a 1-year low of $97.53 and a 1-year high of $159.91. The business has a 50 day simple moving average of $133.05 and a two-hundred day simple moving average of $124.01. The stock has a market capitalization of $10.98 billion, a PE ratio of -20.63, a P/E/G ratio of 2.78 and a beta of 1.30.

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

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.3%. The ex-dividend date is Monday, July 20th. Owens Corning’s payout ratio is currently -47.81%.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the sale, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of research analyst reports. Truist Financial increased their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, May 7th. Barclays upped their target price on shares of Owens Corning from $144.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Finally, Evercore reiterated an “outperform” rating and issued a $193.00 price target on shares of Owens Corning in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $157.92.

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.