Handelsbanken Fonder AB Buys 46,519 Shares of Owens Corning Inc $OC

Handelsbanken Fonder AB grew its stake in Owens Corning Inc (NYSE:OC) by 208.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,819 shares of the construction company’s stock after buying an additional 46,519 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.08% of Owens Corning worth $9,735,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Owens Corning during the 2nd quarter valued at approximately $163,719,000. First Trust Advisors LP boosted its position in shares of Owens Corning by 164.6% in the second quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock worth $126,618,000 after purchasing an additional 572,770 shares during the period. Amundi boosted its position in shares of Owens Corning by 92.9% in the second quarter. Amundi now owns 1,086,735 shares of the construction company’s stock worth $157,279,000 after purchasing an additional 523,376 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Owens Corning by 99.4% in the third quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company’s stock worth $128,917,000 after purchasing an additional 454,382 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Owens Corning by 17,614.0% during the 2nd quarter. Marshall Wace LLP now owns 422,832 shares of the construction company’s stock valued at $58,148,000 after purchasing an additional 420,445 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on OC shares. Evercore dropped their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a report on Thursday, December 4th. Citigroup dropped their price objective on Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Barclays increased their target price on Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Argus raised Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and an average price target of $151.58.

Owens Corning Price Performance

NYSE:OC opened at $121.99 on Monday. The business’s 50-day moving average is $123.51 and its 200 day moving average is $127.36. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The company has a market capitalization of $9.81 billion, a P/E ratio of -19.06, a P/E/G ratio of 1.91 and a beta of 1.35. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.26). The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The business’s quarterly revenue was down 16.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.22 EPS. On average, equities research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, March 9th. Owens Corning’s payout ratio is currently -49.38%.

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.