Owens Corning (NYSE:OC) Shares Purchased by Blueshift Asset Management LLC

27 Nov 2024, 08:59 by Scott Moore · The Cerbat Gem

Blueshift Asset Management LLC lifted its position in Owens Corning (NYSE:OC – Free Report) by 41.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,262 shares of the construction company’s stock after purchasing an additional 1,833 shares during the quarter. Blueshift Asset Management LLC’s holdings in Owens Corning were worth $1,105,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OC. ST Germain D J Co. Inc. lifted its stake in shares of Owens Corning by 794.1% in the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after purchasing an additional 135 shares during the last quarter. Innealta Capital LLC purchased a new stake in Owens Corning in the 2nd quarter valued at about $32,000. Tobam lifted its position in Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after buying an additional 103 shares during the last quarter. Brooklyn Investment Group purchased a new position in Owens Corning during the third quarter worth about $38,000. Finally, Quarry LP increased its position in shares of Owens Corning by 165.5% during the second quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after acquiring an additional 144 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Down 1.3 %

Owens Corning stock opened at $208.07 on Wednesday. The stock’s fifty day moving average is $183.63 and its two-hundred day moving average is $175.64. The stock has a market cap of $17.85 billion, a PE ratio of 17.71, a P/E/G ratio of 2.36 and a beta of 1.41. Owens Corning has a 1-year low of $131.67 and a 1-year high of $214.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC – Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping the consensus estimate of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period last year, the business earned $4.15 EPS. Owens Corning’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, sell-side analysts expect that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were given a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.15%. Owens Corning’s dividend payout ratio (DPR) is presently 20.43%.

Insider Buying and Selling

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This trade represents a 5.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. The Goldman Sachs Group upped their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Wells Fargo & Company boosted their price target on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. UBS Group raised their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $192.62.

Read Our Latest Research Report on Owens Corning

About Owens Corning

(Free Report)

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.