Legal & General Group Plc Acquires Shares of 119,608 Owens Corning Inc $OC

Legal & General Group Plc acquired a new stake in shares of Owens Corning Inc (NYSE:OC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 119,608 shares of the construction company’s stock, valued at approximately $19,013,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Geneos Wealth Management Inc. grew its stake in shares of Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after acquiring an additional 184 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Owens Corning during the 2nd quarter worth approximately $277,000. EverSource Wealth Advisors LLC raised its position in shares of Owens Corning by 1,433.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after purchasing an additional 1,190 shares in the last quarter. Cerity Partners LLC grew its position in shares of Owens Corning by 294.3% during the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock worth $2,389,000 after buying an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia raised its holdings in Owens Corning by 12.2% in the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock valued at $421,000 after acquiring an additional 333 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OC has been the topic of several research analyst reports. Royal Bank Of Canada increased their price target on shares of Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. Weiss Ratings upgraded Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Citigroup raised their price objective on Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Evercore reissued an “outperform” rating and set a $193.00 target price on shares of Owens Corning in a report on Thursday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $165.31.

Owens Corning Trading Down 0.3%

Owens Corning stock opened at $143.27 on Friday. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $11.33 billion, a price-to-earnings ratio of -17.78, a PEG ratio of 2.15 and a beta of 1.32. The firm has a 50-day moving average price of $145.16 and a two-hundred day moving average price of $127.84.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the previous year, the company posted $4.21 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts expect that Owens Corning Inc will post 9.9 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Monday, July 20th. Owens Corning’s payout ratio is -39.21%.

About Owens Corning

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.