Evolve Private Wealth LLC Makes New Investment in Owens Corning Inc $OC

Evolve Private Wealth LLC purchased a new stake in shares of Owens Corning Inc (NYSE:OC) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 4,428 shares of the construction company’s stock, valued at approximately $704,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. HM Payson & Co. lifted its stake in shares of Owens Corning by 203.6% during the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after buying an additional 112 shares during the period. Itau Unibanco Holding S.A. acquired a new position in shares of Owens Corning in the 4th quarter valued at $29,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Owens Corning in the 1st quarter valued at $30,000. Harbour Investments Inc. raised its stake in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after acquiring an additional 129 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC purchased a new position in Owens Corning in the 3rd quarter worth $42,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OC. Evercore reiterated an “outperform” rating and set a $193.00 price target on shares of Owens Corning in a research note on Thursday, July 23rd. Wells Fargo & Company raised their price objective on Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Truist Financial set a $198.00 target price on Owens Corning in a research report on Thursday, August 6th. The Goldman Sachs Group increased their price target on shares of Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a report on Friday, July 10th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. One 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $165.31.

Insider Buying and Selling

In related news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning 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 completion of the transaction, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

Owens Corning Price Performance

NYSE:OC opened at $147.13 on Tuesday. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The firm has a market cap of $11.63 billion, a price-to-earnings ratio of -18.25, a PEG ratio of 2.23 and a beta of 1.32. The firm’s fifty day moving average is $143.74 and its two-hundred day moving average is $127.48.

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

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were 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 was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is -39.21%.

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.