First Trust Advisors LP Purchases 248,759 Shares of Owens Corning Inc $OC

First Trust Advisors LP lifted its position in shares of Owens Corning Inc (NYSE:OC) by 27.0% during the third quarter, Holdings Channel reports. The institutional investor owned 1,169,485 shares of the construction company’s stock after purchasing an additional 248,759 shares during the period. First Trust Advisors LP’s holdings in Owens Corning were worth $165,435,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Twin Peaks Wealth Advisors LLC bought a new stake in Owens Corning during the second quarter valued at about $26,000. Rexford Capital Inc. bought a new position in shares of Owens Corning in the second quarter worth about $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Owens Corning in the second quarter worth about $30,000. Vermillion & White Wealth Management Group LLC grew its position 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 purchasing an additional 133 shares in the last quarter. Finally, Root Financial Partners LLC purchased a new stake in shares of Owens Corning during the third quarter worth about $39,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $109.71 on Friday. The company has a market cap of $8.82 billion, a price-to-earnings ratio of -17.14, a PEG ratio of 1.78 and a beta of 1.35. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42. The stock’s 50 day simple moving average is $123.54 and its two-hundred day simple moving average is $126.23. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the prior year, the company posted $3.22 earnings per share. The firm’s revenue was down 16.8% compared to the same quarter last year. As a group, equities analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 9th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 2.9%. Owens Corning’s dividend payout ratio (DPR) is -49.38%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on OC. Royal Bank Of Canada set a $143.00 price target on Owens Corning in a report on Friday, January 9th. Wells Fargo & Company lifted their price objective on shares of Owens Corning from $145.00 to $155.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Argus raised shares of Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. Barclays upped their target price on shares of Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Finally, Evercore cut their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research note on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $151.58.

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.