Ariel Investments LLC Purchases 27,871 Shares of Owens Corning Inc $OC

Ariel Investments LLC lifted its position in Owens Corning Inc (NYSE:OC) by 24.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 140,449 shares of the construction company’s stock after purchasing an additional 27,871 shares during the quarter. Ariel Investments LLC owned 0.17% of Owens Corning worth $19,315,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of OC. Ossiam grew its position in Owens Corning by 5.9% during the second quarter. Ossiam now owns 1,254 shares of the construction company’s stock valued at $172,000 after acquiring an additional 70 shares during the last quarter. Brown Advisory Inc. grew its holdings in shares of Owens Corning by 0.8% during the 2nd quarter. Brown Advisory Inc. now owns 11,847 shares of the construction company’s stock valued at $1,629,000 after purchasing an additional 96 shares during the last quarter. State of Michigan Retirement System raised its position in Owens Corning by 0.4% in the 2nd quarter. State of Michigan Retirement System now owns 24,588 shares of the construction company’s stock worth $3,381,000 after purchasing an additional 100 shares during the period. Assetmark Inc. raised its position in Owens Corning by 51.0% in the 2nd quarter. Assetmark Inc. now owns 299 shares of the construction company’s stock worth $41,000 after purchasing an additional 101 shares during the period. Finally, CreativeOne Wealth LLC lifted its stake in Owens Corning by 6.7% in the first quarter. CreativeOne Wealth LLC now owns 1,649 shares of the construction company’s stock worth $236,000 after purchasing an additional 103 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

OC opened at $111.36 on Wednesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40. The stock has a market capitalization of $9.15 billion, a PE ratio of -19.47, a price-to-earnings-growth ratio of 8.98 and a beta of 1.34. The stock’s 50 day moving average price is $118.16 and its 200-day moving average price is $134.63. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $202.15.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The firm’s revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the firm posted $4.38 earnings per share. On average, equities research analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 21st. Investors of record on Monday, January 5th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, January 5th. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 dividend on an annualized basis and a yield of 2.8%. Owens Corning’s payout ratio is currently -48.25%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wells Fargo & Company decreased their price objective on Owens Corning from $175.00 to $150.00 and set an “overweight” rating on the stock in a report on Thursday, November 6th. Bank of America reduced their price target on Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a research report on Wednesday, October 1st. Jefferies Financial Group decreased their price target on Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, October 7th. Zacks Research downgraded Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Finally, Evercore ISI cut their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a report on Thursday, December 4th. Ten research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $157.25.

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.