Mirabella Financial Services LLP Takes $5.89 Million Position in Owens Corning Inc $OC

Mirabella Financial Services LLP bought a new stake in shares of Owens Corning Inc (NYSE:OC) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 41,674 shares of the construction company’s stock, valued at approximately $5,889,000. Mirabella Financial Services LLP owned approximately 0.05% of Owens Corning at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in OC. Geneos Wealth Management Inc. lifted its stake in shares of Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after purchasing an additional 184 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Owens Corning during the 2nd quarter valued at about $277,000. ProShare Advisors LLC raised its holdings in shares of Owens Corning by 3.2% during the 2nd quarter. ProShare Advisors LLC now owns 3,771 shares of the construction company’s stock valued at $519,000 after buying an additional 118 shares during the period. PNC Financial Services Group Inc. lifted its position in Owens Corning by 5.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 7,301 shares of the construction company’s stock worth $1,004,000 after acquiring an additional 357 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Owens Corning by 6.6% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,853 shares of the construction company’s stock worth $3,005,000 after acquiring an additional 1,347 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on OC. Zacks Research downgraded shares of Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Monday. Wells Fargo & Company boosted their target price on shares of Owens Corning from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Citigroup decreased their target price on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Barclays raised 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. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $151.58.

Owens Corning Price Performance

OC stock opened at $107.74 on Thursday. The stock’s 50 day moving average is $122.54 and its two-hundred day moving average is $123.71. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42. The company has a market capitalization of $8.66 billion, a PE ratio of -16.83, a P/E/G ratio of 1.76 and a beta of 1.35. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter last year, the company posted $3.22 earnings per share. The business’s quarterly revenue was down 16.8% compared to the same quarter last year. Analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

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

About Owens Corning

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.