Federated Hermes Inc. Grows Stock Position in Owens Corning Inc $OC

Federated Hermes Inc. raised its position in Owens Corning Inc (NYSE:OC) by 46.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,432 shares of the construction company’s stock after buying an additional 43,320 shares during the quarter. Federated Hermes Inc. owned about 0.16% of Owens Corning worth $19,441,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Truist Financial Corp boosted its position in Owens Corning by 2.2% during the third quarter. Truist Financial Corp now owns 14,703 shares of the construction company’s stock worth $2,080,000 after purchasing an additional 323 shares during the period. J. Safra Sarasin Holding AG raised its position in shares of Owens Corning by 6.6% in the third quarter. J. Safra Sarasin Holding AG now owns 33,010 shares of the construction company’s stock valued at $4,670,000 after purchasing an additional 2,047 shares during the period. Clark Financial Services Group Inc. BD lifted its stake in shares of Owens Corning by 16.1% during the 3rd quarter. Clark Financial Services Group Inc. BD now owns 2,310 shares of the construction company’s stock valued at $327,000 after buying an additional 320 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in Owens Corning in the 3rd quarter worth approximately $225,000. Finally, LBP AM SA boosted its holdings in Owens Corning by 81.9% in the 3rd quarter. LBP AM SA now owns 31,624 shares of the construction company’s stock worth $4,474,000 after buying an additional 14,237 shares during the period. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Down 0.0%

Shares of NYSE OC opened at $119.84 on Friday. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.05. The business has a 50-day moving average of $116.33 and a 200-day moving average of $129.27. The firm has a market capitalization of $9.85 billion, a price-to-earnings ratio of -20.95, a PEG ratio of 2.48 and a beta of 1.35. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $192.60.

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

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Investors of record on Monday, January 5th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.6%. This is a boost from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date was Monday, January 5th. Owens Corning’s dividend payout ratio (DPR) is presently -55.24%.

Analyst Ratings Changes

OC has been the topic of a number of analyst reports. Evercore ISI lowered 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. JPMorgan Chase & Co. decreased their price objective on Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Vertical Research assumed coverage on Owens Corning in a report on Monday, October 20th. They set a “hold” rating on the stock. Barclays lifted their target price on Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Finally, Argus upgraded Owens Corning to a “strong-buy” rating in a research report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and an average price target of $149.75.

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.