The Manufacturers Life Insurance Company Makes New Investment in Owens Corning Inc $OC

The Manufacturers Life Insurance Company acquired a new stake in Owens Corning Inc (NYSE:OC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 63,629 shares of the construction company’s stock, valued at approximately $10,114,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Owens Corning during the second quarter worth about $1,401,161,000. Arrowstreet Capital Limited Partnership raised its stake in Owens Corning by 460.8% during 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 acquired a new stake in Owens Corning during the 4th quarter worth approximately $119,748,000. Allspring Global Investments Holdings LLC lifted its position in Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after acquiring an additional 1,027,800 shares during the period. Finally, Gendell Jeffrey L grew its stake in shares of Owens Corning by 349.3% in the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock valued at $103,188,000 after purchasing an additional 716,839 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Down 0.3%

Owens Corning stock opened at $143.27 on Friday. The stock’s 50 day moving average price is $145.16 and its 200 day moving average price is $127.84. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91. The company has a market cap of $11.33 billion, a PE ratio of -17.78, a price-to-earnings-growth ratio of 2.15 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the company earned $4.21 earnings per share. On average, sell-side analysts predict that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a $0.79 dividend. The ex-dividend date was Monday, July 20th. This represents a $3.16 annualized dividend and a dividend yield of 2.2%. Owens Corning’s dividend payout ratio (DPR) is -39.21%.

Wall Street Analyst Weigh In

Several research firms have recently commented on OC. Citigroup upped their price target on Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. DA Davidson began coverage on shares of Owens Corning in a research note on Monday, August 24th. They issued a “buy” rating and a $190.00 price objective on the stock. Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Finally, Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $165.31.

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.