Cinctive Capital Management LP Makes New Investment in Owens Corning Inc $OC

by · The Cerbat Gem

Cinctive Capital Management LP purchased a new position in shares of Owens Corning Inc (NYSE:OC – Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,663 shares of the construction company’s stock, valued at approximately $238,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OC. Bank Pictet & Cie Europe AG bought a new stake in shares of Owens Corning in the 4th quarter worth approximately $28,651,000. BNP Paribas Financial Markets raised its holdings in shares of Owens Corning by 28.7% in the 4th quarter. BNP Paribas Financial Markets now owns 108,348 shares of the construction company’s stock worth $18,454,000 after purchasing an additional 24,189 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Owens Corning by 1,348.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 26,172 shares of the construction company’s stock worth $4,458,000 after purchasing an additional 24,365 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of Owens Corning by 51.0% in the 4th quarter. Captrust Financial Advisors now owns 22,828 shares of the construction company’s stock worth $3,888,000 after purchasing an additional 7,715 shares in the last quarter. Finally, Cetera Investment Advisers raised its holdings in shares of Owens Corning by 21.3% in the 4th quarter. Cetera Investment Advisers now owns 22,449 shares of the construction company’s stock worth $3,823,000 after purchasing an additional 3,935 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on OC shares. Wells Fargo & Company boosted their target price on shares of Owens Corning from $165.00 to $170.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Barclays boosted their target price on shares of Owens Corning from $167.00 to $173.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Wolfe Research upgraded shares of Owens Corning from a “peer perform” rating to an “outperform” rating in a report on Friday, May 9th. Royal Bank Of Canada cut their price target on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Finally, Evercore ISI upped their price target on shares of Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a research report on Friday, August 8th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and a consensus target price of $184.60.

View Our Latest Stock Analysis on OC

Owens Corning Stock Up 2.0%

Shares of NYSE:OC opened at $155.44 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The company has a market cap of $13.00 billion, a PE ratio of 40.37, a price-to-earnings-growth ratio of 10.79 and a beta of 1.32. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53. The firm has a 50 day simple moving average of $146.38 and a 200 day simple moving average of $143.12.

Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.41. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The company’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.64 EPS. As a group, research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, July 21st. Owens Corning’s dividend payout ratio is currently 71.69%.

Owens Corning declared that its board has authorized a stock buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Owens Corning Profile

(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.

See Also

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