Stableford Capital II LLC Buys New Shares in Owens Corning Inc $OC

Stableford Capital II LLC bought a new position in shares of Owens Corning Inc (NYSE:OC) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 7,598 shares of the construction company’s stock, valued at approximately $850,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Owens Corning in the 2nd quarter valued at $163,719,000. First Trust Advisors LP boosted its position in shares of Owens Corning by 164.6% during the 2nd quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock valued at $126,618,000 after acquiring an additional 572,770 shares in the last quarter. Clean Energy Transition LLP acquired a new stake in shares of Owens Corning during the 3rd quarter valued at about $75,203,000. Amundi increased its stake in Owens Corning by 92.9% in the second quarter. Amundi now owns 1,086,735 shares of the construction company’s stock valued at $157,279,000 after acquiring an additional 523,376 shares during the period. Finally, JPMorgan Chase & Co. raised its position in 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. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

NYSE:OC opened at $107.48 on Friday. The stock has a market capitalization of $8.64 billion, a P/E ratio of -16.79, a price-to-earnings-growth ratio of 1.75 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 Inc has a 1 year low of $97.53 and a 1 year high of $159.42. The firm has a 50 day moving average of $120.53 and a 200-day moving average of $122.00.

Owens Corning (NYSE:OC) last released its quarterly earnings results 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 business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter last year, the company earned $3.22 earnings per share. The firm’s revenue was down 16.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be paid a $0.79 dividend. The ex-dividend date is Monday, March 9th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.9%. Owens Corning’s dividend payout ratio (DPR) is -49.38%.

Analysts Set New Price Targets

A number of research firms have weighed in on OC. UBS Group lifted their price objective on Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Zacks Research downgraded Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Monday, March 16th. Barclays boosted their price target on Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. Finally, Argus raised Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Owens Corning has an average rating of “Moderate Buy” and an average target price of $151.58.

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.