Edmond DE Rothschild Holding S.A. Takes $20.66 Million Position in Owens Corning Inc $OC

Edmond DE Rothschild Holding S.A. purchased a new position in shares of Owens Corning Inc (NYSE:OC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 130,000 shares of the construction company’s stock, valued at approximately $20,665,000.

A number of other hedge funds have also modified their holdings of the business. HM Payson & Co. boosted 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 Owens Corning during the fourth quarter worth about $29,000. Cassaday & Co Wealth Management LLC purchased a new stake in Owens Corning in the 1st quarter valued at approximately $30,000. Harbour Investments Inc. grew 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 period. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Owens Corning in the fourth quarter valued at $37,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Owens Corning stock opened at $151.51 on Thursday. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.91. 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 company has a market capitalization of $11.98 billion, a price-to-earnings ratio of -18.80, a price-to-earnings-growth ratio of 2.27 and a beta of 1.32. The firm’s fifty day moving average price is $142.22 and its 200 day moving average price is $126.95.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $2.66 billion. During the same period last year, the firm earned $4.21 earnings per share. The company’s revenue was up .3% on a year-over-year basis. On average, research analysts forecast that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently disclosed 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 dividend payout ratio (DPR) is -39.21%.

Analysts Set New Price Targets

OC has been the topic of a number of recent analyst reports. 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 research note on Friday, July 10th. Wells Fargo & Company upped their price target on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Evercore reiterated an “outperform” rating and issued a $193.00 price target on shares of Owens Corning in a report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft raised their price objective on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, Barclays upped their target price on Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $163.25.

Insiders Place Their Bets

In other Owens Corning 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 sale, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

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.