Ashton Thomas Private Wealth LLC Has $6.91 Million Holdings in Owens Corning Inc $OC

Ashton Thomas Private Wealth LLC raised its holdings in shares of Owens Corning Inc (NYSE:OC) by 231.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 48,843 shares of the construction company’s stock after purchasing an additional 34,106 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Owens Corning were worth $6,909,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on OC shares. Vertical Research began coverage on Owens Corning in a research note on Monday, October 20th. They set a “hold” rating for the company. Evercore ISI cut 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. Truist Financial decreased their target price on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research report on Thursday, October 9th. Royal Bank Of Canada set a $143.00 price target on shares of Owens Corning in a research note on Friday, January 9th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $149.75.

Owens Corning Trading Up 6.3%

NYSE:OC opened at $132.77 on Thursday. The company’s 50 day moving average is $117.41 and its 200-day moving average is $128.89. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $186.18. The firm has a market cap of $10.91 billion, a price-to-earnings ratio of -23.21, a P/E/G ratio of 2.62 and a beta of 1.36.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.64 by $0.03. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. Owens Corning’s revenue was down 2.9% compared to the same quarter last year. During the same period last year, the business posted $4.38 EPS. Equities analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 21st. Stockholders of record on Monday, January 5th were paid a $0.79 dividend. The ex-dividend date was Monday, January 5th. This is a boost from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.4%. Owens Corning’s dividend payout ratio is presently -55.24%.

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.