Paralel Advisors LLC Makes New $3.39 Million Investment in Owens Corning Inc $OC

Paralel Advisors LLC bought a new stake in shares of Owens Corning Inc (NYSE:OC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 21,345 shares of the construction company’s stock, valued at approximately $3,393,000.

A number of other hedge funds have also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Owens Corning during the 2nd quarter worth approximately $1,401,161,000. Arrowstreet Capital Limited Partnership grew its position in Owens Corning by 460.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after acquiring an additional 1,078,877 shares during the last quarter. Norges Bank bought a new position in Owens Corning in the 4th quarter valued at $119,748,000. Allspring Global Investments Holdings LLC increased its stake in Owens Corning by 721.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after purchasing an additional 1,027,800 shares during the period. Finally, Gendell Jeffrey L increased its stake in Owens Corning by 349.3% in the fourth quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock worth $103,188,000 after purchasing an additional 716,839 shares during the period. Institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Royal Bank Of Canada raised their price target on shares of Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. Wall Street Zen upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Truist Financial set a $198.00 price objective on shares of Owens Corning in a research report on Thursday, August 6th. Finally, Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $163.25.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction on 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 directly owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Owens Corning Price Performance

Shares of OC opened at $147.19 on Friday. The company has a 50 day moving average price of $142.73 and a 200-day moving average price of $127.15. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91. The stock has a market capitalization of $11.64 billion, a PE ratio of -18.26, a PEG ratio of 2.28 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16.

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

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is -39.21%.

Owens Corning 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.