Federated Hermes Inc. Increases Holdings in Owens Corning Inc $OC

Federated Hermes Inc. boosted its position in Owens Corning Inc (NYSE:OC) by 46.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,432 shares of the construction company’s stock after buying an additional 43,320 shares during the quarter. Federated Hermes Inc.’s holdings in Owens Corning were worth $19,441,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Owens Corning in the 2nd quarter valued at $26,000. Rexford Capital Inc. purchased a new position in shares of Owens Corning in the second quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Owens Corning in the 2nd quarter valued at about $30,000. Vermillion & White Wealth Management Group LLC boosted its holdings in Owens Corning by 149.4% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after acquiring an additional 133 shares during the period. Finally, Chilton Capital Management LLC bought a new position in Owens Corning during the 2nd quarter worth approximately $37,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Price Performance

OC stock opened at $119.84 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $192.60. The firm has a 50-day moving average of $116.33 and a 200 day moving average of $129.27. The company has a market cap of $9.85 billion, a P/E ratio of -20.95, a PEG ratio of 2.48 and a beta of 1.35.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.71 billion. During the same quarter in the prior year, the business earned $4.38 EPS. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, sell-side analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.6%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date was Monday, January 5th. Owens Corning’s dividend payout ratio is currently -55.24%.

Analyst Ratings Changes

A number of analysts have recently weighed in on OC shares. UBS Group dropped their price objective on Owens Corning from $179.00 to $160.00 and set a “buy” rating for the company in a research note on Tuesday, January 6th. 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. Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. Evercore ISI decreased their price objective on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a research report on Thursday, December 4th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $149.75.

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.