Fisher Asset Management LLC Raises Holdings in Owens Corning Inc $OC

Fisher Asset Management LLC increased its stake in shares of Owens Corning Inc (NYSE:OC) by 17.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 323,682 shares of the construction company’s stock after acquiring an additional 47,808 shares during the period. Fisher Asset Management LLC owned about 0.39% of Owens Corning worth $44,513,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of OC. Avantax Advisory Services Inc. lifted its stake in shares of Owens Corning by 33.3% in the 1st quarter. Avantax Advisory Services Inc. now owns 4,573 shares of the construction company’s stock valued at $653,000 after purchasing an additional 1,143 shares during the period. Jefferies Financial Group Inc. purchased a new position in Owens Corning in the first quarter valued at $417,000. PNC Financial Services Group Inc. raised its position in shares of Owens Corning by 12.2% in the first quarter. PNC Financial Services Group Inc. now owns 6,944 shares of the construction company’s stock worth $992,000 after acquiring an additional 756 shares during the period. ING Groep NV purchased a new stake in shares of Owens Corning during the 1st quarter worth about $5,675,000. Finally, Vanguard Group Inc. grew its position in shares of Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock valued at $1,401,876,000 after acquiring an additional 1,053,855 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

OC opened at $112.55 on Wednesday. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $205.75. The firm has a market capitalization of $9.25 billion, a PE ratio of 29.23, a PEG ratio of 9.10 and a beta of 1.31. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The firm’s 50-day moving average price is $121.07 and its 200 day moving average price is $135.51.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business’s revenue was down 2.9% on a year-over-year basis. During the same period last year, the company posted $4.38 EPS. As a group, sell-side analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 6th. Shareholders of record on Monday, October 20th were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, October 20th. Owens Corning’s dividend payout ratio is presently -48.25%.

Analyst Upgrades and Downgrades

OC has been the subject of a number of analyst reports. Evercore ISI set a $121.00 price target on Owens Corning in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a research note on Monday. Bank of America dropped their price target on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a research note on Wednesday, October 1st. Royal Bank Of Canada cut their price target on shares of Owens Corning from $174.00 to $145.00 and set an “outperform” rating for the company in a report on Thursday, November 6th. Finally, Jefferies Financial Group decreased their price objective on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, October 7th. Ten analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Owens Corning currently has an average rating of “Hold” and a consensus target price of $157.67.

About Owens Corning

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.