Arrowstreet Capital Limited Partnership Has $138.32 Million Position in Owens Corning Inc $OC

Arrowstreet Capital Limited Partnership lowered its stake in shares of Owens Corning Inc (NYSE:OC) by 2.7% in the first quarter, Holdings Channel reports. The firm owned 1,278,118 shares of the construction company’s stock after selling 34,901 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Owens Corning were worth $138,318,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Pitcairn Co. lifted its position in shares of Owens Corning by 4.6% during the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock worth $250,000 after purchasing an additional 80 shares during the last quarter. First Pacific Financial grew its holdings in Owens Corning by 2.3% in the 1st quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock valued at $406,000 after buying an additional 85 shares during the last quarter. Viawealth LLC raised its stake in Owens Corning by 3.6% during 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 during the last quarter. Fifth Third Wealth Advisors LLC increased its holdings in shares of Owens Corning by 2.9% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock worth $343,000 after purchasing an additional 90 shares during the period. Finally, Pallas Capital Advisors LLC raised its position in shares of Owens Corning by 2.7% during the fourth quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock valued at $447,000 after buying an additional 104 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insider Buying and Selling at Owens Corning

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

Owens Corning Stock Up 2.5%

Owens Corning stock opened at $142.41 on Friday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91. The company’s 50 day simple moving average is $131.26 and its 200 day simple moving average is $123.39. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of -21.55, a PEG ratio of 2.76 and a beta of 1.30.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.21. The business had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.Owens Corning’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.97 EPS. As a group, sell-side analysts anticipate that Owens Corning Inc will post 9.55 EPS for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be paid a $0.79 dividend. The ex-dividend date is Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.2%. Owens Corning’s payout ratio is presently -47.81%.

Wall Street Analyst Weigh In

OC has been the subject of a number of analyst reports. Royal Bank Of Canada raised their price objective on shares of Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. JPMorgan Chase & Co. upped their target price on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Bank of America dropped their price target on Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a report on Monday, April 20th. Finally, Barclays lifted their price objective on Owens Corning from $144.00 to $170.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.92.

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.