Cinctive Capital Management LP Boosts Stake in Owens Corning Inc $OC

Cinctive Capital Management LP lifted its holdings in shares of Owens Corning Inc (NYSE:OC) by 39.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,005 shares of the construction company’s stock after acquiring an additional 5,359 shares during the quarter. Cinctive Capital Management LP’s holdings in Owens Corning were worth $2,688,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Ossiam boosted its holdings in Owens Corning by 5.9% in the second quarter. Ossiam now owns 1,254 shares of the construction company’s stock valued at $172,000 after purchasing an additional 70 shares during the last quarter. Pitcairn Co. raised its position in shares of Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after purchasing an additional 80 shares in the last quarter. Archer Investment Corp boosted its stake in shares of Owens Corning by 13.3% during the 3rd quarter. Archer Investment Corp now owns 748 shares of the construction company’s stock valued at $106,000 after buying an additional 88 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of Owens Corning by 0.8% during the 2nd quarter. Brown Advisory Inc. now owns 11,847 shares of the construction company’s stock valued at $1,629,000 after buying an additional 96 shares during the last quarter. Finally, Park Avenue Securities LLC grew its position in shares of Owens Corning by 7.2% during the third quarter. Park Avenue Securities LLC now owns 1,652 shares of the construction company’s stock worth $234,000 after buying an additional 111 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Trading Up 3.3%

Shares of NYSE OC opened at $106.48 on Monday. The company has a market cap of $8.56 billion, a price-to-earnings ratio of -16.64, a price-to-earnings-growth ratio of 1.72 and a beta of 1.35. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20. The stock’s 50 day simple moving average is $122.88 and its 200 day simple moving average is $124.42.

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

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, March 9th. This represents a $3.16 annualized dividend and a dividend yield of 3.0%. Owens Corning’s dividend payout ratio is currently -49.38%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OC. Wells Fargo & Company lifted their price target on shares of Owens Corning from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. Evercore decreased their price objective 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. UBS Group boosted their target price on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Barclays upped their target price on shares of Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Finally, Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $151.58.

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.