Man Group plc Acquires New Holdings in Owens Corning Inc $OC

Man Group plc bought a new position in shares of Owens Corning Inc (NYSE:OC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 78,477 shares of the construction company’s stock, valued at approximately $12,475,000. Man Group plc owned approximately 0.10% of Owens Corning as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. HM Payson & Co. lifted its holdings in shares of Owens Corning by 203.6% in the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after purchasing an additional 112 shares in the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Owens Corning during the fourth quarter worth about $29,000. Cassaday & Co Wealth Management LLC acquired a new stake in Owens Corning in the 1st quarter valued at approximately $30,000. Fiduciary Financial Advisors acquired a new stake in Owens Corning in the 2nd quarter valued at approximately $35,000. Finally, Harbour Investments Inc. boosted its position in Owens Corning by 66.5% during 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. Institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Down 1.1%

Owens Corning stock opened at $144.04 on Friday. The stock has a 50-day simple moving average of $144.85 and a 200 day simple moving average of $127.73. The stock has a market capitalization of $11.39 billion, a P/E ratio of -17.87, a PEG ratio of 2.19 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same period last year, the firm posted $4.21 earnings per share. The business’s revenue was up .3% on a year-over-year basis. Analysts expect that Owens Corning Inc will post 9.9 earnings per share for the current 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 issued a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.2%. Owens Corning’s dividend payout ratio (DPR) is currently -39.21%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Evercore reiterated an “outperform” rating and issued a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. Wells Fargo & Company increased their price objective on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Weiss Ratings upgraded Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, June 24th. Barclays upped their target price on Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Wall Street Zen raised Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $165.31.

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.