Y Intercept Hong Kong Ltd Increases Position in Owens Corning Inc $OC

Y Intercept Hong Kong Ltd increased its stake in shares of Owens Corning Inc (NYSE:OC) by 52.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,887 shares of the construction company’s stock after purchasing an additional 14,406 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Owens Corning were worth $6,658,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in OC. Arrowstreet Capital Limited Partnership raised its holdings in Owens Corning by 460.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after purchasing an additional 1,078,877 shares in the last quarter. Norges Bank purchased a new position in shares of Owens Corning in the 4th quarter worth approximately $119,748,000. Allspring Global Investments Holdings LLC raised its stake in shares of Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after acquiring an additional 1,027,800 shares in the last quarter. Gendell Jeffrey L lifted its position in Owens Corning by 349.3% during the fourth quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock valued at $103,188,000 after acquiring an additional 716,839 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Owens Corning by 33.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock valued at $288,332,000 after acquiring an additional 645,773 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on OC shares. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Evercore reissued an “outperform” rating and issued a $193.00 price objective on shares of Owens Corning in a research report on Thursday, July 23rd. Barclays boosted their target price on Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Wall Street Zen upgraded Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. One equities research analyst has 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $163.25.

Insider Buying and Selling at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Owens Corning Trading Down 2.2%

NYSE OC opened at $155.44 on Thursday. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.91. The company has a fifty day simple moving average of $138.83 and a two-hundred day simple moving average of $125.84. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The stock has a market cap of $12.29 billion, a P/E ratio of -19.29, a P/E/G ratio of 2.76 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced its quarterly earnings data 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. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $4.21 earnings per share. On average, analysts forecast that Owens Corning Inc will post 9.65 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were issued a $0.79 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.0%. Owens Corning’s dividend payout ratio is currently -39.21%.

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.