Bessemer Group Inc. Buys 614 Shares of Owens Corning Inc $OC

Bessemer Group Inc. raised its stake in Owens Corning Inc (NYSE:OC) by 204.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 915 shares of the construction company’s stock after acquiring an additional 614 shares during the quarter. Bessemer Group Inc.’s holdings in Owens Corning were worth $126,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in OC. Vanguard Group Inc. lifted its holdings in Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after purchasing an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Owens Corning by 67.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock valued at $339,930,000 after acquiring an additional 957,295 shares during the period. Nuveen LLC bought a new stake in shares of Owens Corning in the first quarter valued at about $91,698,000. Millennium Management LLC boosted its position in shares of Owens Corning by 179.0% in the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock valued at $123,287,000 after acquiring an additional 553,864 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Owens Corning in the second quarter valued at about $54,030,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Trading Down 1.4%

Shares of OC stock opened at $122.51 on Wednesday. The stock’s fifty day moving average price is $139.01 and its two-hundred day moving average price is $140.58. The company has a market cap of $10.25 billion, a PE ratio of 31.82, a P/E/G ratio of 9.10 and a beta of 1.32. Owens Corning Inc has a fifty-two week low of $121.32 and a fifty-two week high of $214.53. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating analysts’ consensus estimates of $3.80 by $0.41. The firm had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company’s revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the business posted $4.64 EPS. Equities analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Monday, October 20th. Owens Corning’s payout ratio is currently 71.69%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Bank of America decreased their target price on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a research report on Wednesday, October 1st. Wells Fargo & Company raised their price objective on Owens Corning from $170.00 to $175.00 and gave the stock an “overweight” rating in a research note on Thursday, September 11th. Zacks Research lowered Owens Corning from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 15th. Truist Financial lowered their price objective on Owens Corning from $165.00 to $135.00 and set a “hold” rating on the stock in a research note on Thursday, October 9th. Finally, UBS Group lowered their price objective on Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $178.31.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.