Kimelman & Baird LLC Purchases Shares of 195,925 Owens Corning Inc $OC

Kimelman & Baird LLC purchased a new position in shares of Owens Corning Inc (NYSE:OC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 195,925 shares of the construction company’s stock, valued at approximately $31,144,000. Owens Corning makes up about 1.7% of Kimelman & Baird LLC’s investment portfolio, making the stock its 26th largest holding.

Several other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its stake in Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after buying an additional 184 shares during the period. Sivia Capital Partners LLC purchased a new position in Owens Corning in the 2nd quarter valued at approximately $277,000. EverSource Wealth Advisors LLC grew its stake in shares of Owens Corning by 1,433.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock worth $175,000 after acquiring an additional 1,190 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Owens Corning by 294.3% in the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock worth $2,389,000 after acquiring an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia increased its position in shares of Owens Corning by 12.2% during the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock worth $421,000 after acquiring an additional 333 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on OC shares. JPMorgan Chase & Co. lifted their target price on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Barclays upped their price target on Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Royal Bank Of Canada lifted their price objective on Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research note on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $165.31.

Owens Corning Stock Performance

Shares of OC stock opened at $143.27 on Friday. The company has a market cap of $11.33 billion, a P/E ratio of -17.78, a PEG ratio of 2.16 and a beta of 1.32. The firm has a fifty day moving average price of $145.16 and a 200 day moving average price of $127.84. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.Owens Corning’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the firm earned $4.21 earnings per share. Sell-side analysts predict that Owens Corning Inc will post 9.9 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is -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.