Owens Corning Inc $OC Shares Sold by L2 Asset Management LLC

L2 Asset Management LLC reduced its holdings in shares of Owens Corning Inc (NYSE:OC) by 34.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,801 shares of the construction company’s stock after selling 8,335 shares during the quarter. L2 Asset Management LLC’s holdings in Owens Corning were worth $2,235,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Owens Corning during the 2nd quarter valued at approximately $163,719,000. First Trust Advisors LP increased its position in 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 buying an additional 572,770 shares during the period. Clean Energy Transition LLP bought a new stake in Owens Corning in the third quarter valued at $75,203,000. Amundi lifted 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 buying an additional 523,376 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Owens Corning by 99.4% during the third quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company’s stock valued at $128,917,000 after acquiring an additional 454,382 shares during the period. Institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on OC shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. Wells Fargo & Company lifted their target price on Owens Corning from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Barclays upped their price target on shares of Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Royal Bank Of Canada set a $143.00 price objective on shares of Owens Corning in a research report on Friday, January 9th. Finally, Citigroup lowered their price objective on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and an average price target of $151.58.

Owens Corning Stock Performance

Shares of OC opened at $107.83 on Tuesday. The company has a 50-day moving average of $122.77 and a two-hundred day moving average of $124.11. The stock has a market cap of $8.67 billion, a price-to-earnings ratio of -16.85, a PEG ratio of 1.72 and a beta of 1.35. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.42.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter in the prior year, the firm earned $3.22 EPS. The firm’s revenue was down 16.8% compared to the same quarter last year. On average, equities 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 declared 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 of this dividend 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 is -49.38%.

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.