Fortem Financial Group LLC Decreases Stake in Owens Corning Inc $OC

Fortem Financial Group LLC trimmed its holdings in Owens Corning Inc (NYSE:OC) by 74.0% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 3,441 shares of the construction company’s stock after selling 9,770 shares during the quarter. Fortem Financial Group LLC’s holdings in Owens Corning were worth $487,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Geneos Wealth Management Inc. lifted its holdings in shares of Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after buying an additional 184 shares during the period. Sivia Capital Partners LLC purchased a new stake in Owens Corning during the second quarter valued at $277,000. Truist Financial Corp lifted its holdings in Owens Corning by 10.1% in the second quarter. Truist Financial Corp now owns 14,380 shares of the construction company’s stock valued at $1,978,000 after acquiring an additional 1,317 shares during the period. Ameritas Advisory Services LLC purchased a new position in Owens Corning in the second quarter worth about $42,000. Finally, Precedent Wealth Partners LLC grew its stake in shares of Owens Corning by 23.4% during the 2nd quarter. Precedent Wealth Partners LLC now owns 9,207 shares of the construction company’s stock valued at $1,266,000 after purchasing an additional 1,744 shares during the period. Institutional investors own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on OC. Jefferies Financial Group decreased their price target on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday, October 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. Truist Financial cut their price target on Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a report on Thursday, October 9th. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Barclays lifted their price objective on Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research report on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $149.75.

Owens Corning Stock Performance

NYSE OC opened at $119.84 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $192.60. The business has a 50 day simple moving average of $116.33 and a two-hundred day simple moving average of $129.19. The stock has a market capitalization of $9.85 billion, a PE ratio of -20.95, a P/E/G ratio of 2.48 and a beta of 1.35.

Owens Corning (NYSE:OC) last issued its quarterly earnings data 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 business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. 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. On average, research analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 21st. Stockholders of record on Monday, January 5th were issued a $0.79 dividend. The ex-dividend date was Monday, January 5th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 annualized dividend and a dividend yield of 2.6%. Owens Corning’s dividend payout ratio (DPR) is currently -55.24%.

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.