Assenagon Asset Management S.A. Invests $488,000 in Owens Corning Inc $OC

Assenagon Asset Management S.A. bought a new stake in Owens Corning Inc (NYSE:OC) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 4,511 shares of the construction company’s stock, valued at approximately $488,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pitcairn Co. raised its stake in Owens Corning by 4.6% during the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock worth $250,000 after acquiring an additional 80 shares in the last quarter. Viawealth LLC boosted its stake in shares of Owens Corning by 3.6% in the 4th quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock valued at $287,000 after purchasing an additional 88 shares in the last quarter. Pallas Capital Advisors LLC grew its holdings in shares of Owens Corning by 2.7% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock worth $447,000 after purchasing an additional 104 shares during the last quarter. Groupama Asset Managment grew its holdings in shares of Owens Corning by 1.8% in the 4th quarter. Groupama Asset Managment now owns 6,153 shares of the construction company’s stock worth $689,000 after purchasing an additional 106 shares during the last quarter. Finally, Lido Advisors LLC increased its position in shares of Owens Corning by 6.4% during the 4th quarter. Lido Advisors LLC now owns 1,904 shares of the construction company’s stock worth $213,000 after purchasing an additional 115 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Down 0.0%

Shares of OC opened at $151.01 on Friday. The business’s fifty day moving average price is $125.26 and its two-hundred day moving average price is $120.43. The firm has a market capitalization of $12.16 billion, a price-to-earnings ratio of -22.85, a PEG ratio of 2.74 and a beta of 1.30. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the previous year, the company posted $2.97 earnings per share. The firm’s quarterly revenue was down 10.5% on a year-over-year basis. On average, analysts predict that Owens Corning Inc will post 9.53 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning’s payout ratio is currently -47.81%.

Insider Transactions at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the sale, the vice president owned 3,093 shares in the company, valued at $374,005.56. The trade was a 38.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, the insider directly owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on OC shares. The Goldman Sachs Group lifted their price target on shares of Owens Corning from $125.00 to $141.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Wells Fargo & Company upped their price objective on shares of Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Barclays lifted their target price on shares of Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Royal Bank Of Canada boosted their target price on Owens Corning from $134.00 to $148.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Finally, Weiss Ratings upgraded Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $150.58.

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.