Parcion Private Wealth LLC Acquires New Holdings in Owens Corning Inc $OC

Parcion Private Wealth LLC bought a new position in shares of Owens Corning Inc (NYSE:OC) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,406 shares of the construction company’s stock, valued at approximately $631,000.

Several other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in Owens Corning in the second quarter valued at approximately $1,401,161,000. Dimensional Fund Advisors LP increased its position in shares of Owens Corning by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after acquiring an additional 188,211 shares in the last quarter. First Trust Advisors LP increased its position in shares of Owens Corning by 22.7% during the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after acquiring an additional 403,803 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Owens Corning by 721.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after acquiring an additional 1,027,800 shares during the period. Finally, Nykredit A S acquired a new stake in shares of Owens Corning during the second quarter worth $166,083,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OC has been the topic of several research reports. Vertical Research cut shares of Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 price objective on the stock. in a research report on Wednesday, October 7th. Wall Street Zen cut Owens Corning from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. Bank of America dropped their price target on Owens Corning from $155.00 to $145.00 and set a “buy” rating on the stock in a research note on Tuesday, October 27th. Citigroup boosted their price target on Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a report on Friday, August 7th. Finally, Wells Fargo & Company reduced their price objective on Owens Corning from $150.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Owens Corning currently has an average rating of “Hold” and a consensus target price of $142.07.

Owens Corning Price Performance

Shares of OC opened at $120.91 on Monday. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91. The stock has a market capitalization of $9.56 billion, a P/E ratio of -15.00, a P/E/G ratio of 3.57 and a beta of 1.31. The company has a 50 day moving average of $124.27 and a 200-day moving average of $126.13.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the previous year, the firm posted $4.21 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. As a group, equities research analysts forecast that Owens Corning Inc will post 9.39 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Monday, October 19th will be paid a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.6%. The ex-dividend date is Monday, October 19th. Owens Corning’s payout ratio is presently -39.21%.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares of the company’s stock, valued at $3,090,157.43. The trade was a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Owens Corning Company Profile

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.