Deutsche Bank AG Acquires New Stake in Owens Corning Inc $OC

Deutsche Bank AG bought a new position in shares of Owens Corning Inc (NYSE:OC) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 518,994 shares of the construction company’s stock, valued at approximately $82,499,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Geneos Wealth Management Inc. boosted its holdings in Owens Corning by 61.7% in the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after acquiring an additional 184 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Owens Corning in the 2nd quarter valued at $277,000. EverSource Wealth Advisors LLC increased its position in shares of Owens Corning by 1,433.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock worth $175,000 after buying an additional 1,190 shares during the period. Cerity Partners LLC increased its position in shares of Owens Corning by 294.3% during the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock worth $2,389,000 after buying an additional 12,966 shares during the period. Finally, Bank of Nova Scotia raised its stake in Owens Corning by 12.2% during the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock worth $421,000 after buying an additional 333 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Barclays upped their target price on Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Royal Bank Of Canada lifted their target price on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Wall Street Zen raised Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Truist Financial set a $198.00 price target on Owens Corning in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $163.25.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were 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 in the company, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Owens Corning Stock Performance

Shares of OC opened at $147.19 on Friday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The stock has a 50-day moving average of $142.73 and a 200-day moving average of $127.15. The company has a market cap of $11.64 billion, a PE ratio of -18.26, a P/E/G ratio of 2.28 and a beta of 1.32. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the prior year, the business earned $4.21 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts predict that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Monday, July 20th. Owens Corning’s payout ratio is -39.21%.

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.