Owens Corning Inc $OC Shares Purchased by Cresset Asset Management LLC

Cresset Asset Management LLC boosted its stake in shares of Owens Corning Inc (NYSE:OC) by 171.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,276 shares of the construction company’s stock after purchasing an additional 7,751 shares during the period. Cresset Asset Management LLC’s holdings in Owens Corning were worth $1,737,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Victory Capital Management Inc. increased its holdings in shares of Owens Corning by 38.1% during the 3rd quarter. Victory Capital Management Inc. now owns 639,617 shares of the construction company’s stock worth $90,480,000 after buying an additional 176,302 shares during the last quarter. Regents Gate Capital LLP boosted its holdings in Owens Corning by 88.2% in the third quarter. Regents Gate Capital LLP now owns 68,190 shares of the construction company’s stock valued at $9,646,000 after acquiring an additional 31,965 shares during the last quarter. Fisher Asset Management LLC grew its position in Owens Corning by 1.2% during the third quarter. Fisher Asset Management LLC now owns 327,583 shares of the construction company’s stock valued at $46,340,000 after acquiring an additional 3,901 shares during the period. Finemark National Bank & Trust increased its stake in Owens Corning by 1.5% during the third quarter. Finemark National Bank & Trust now owns 37,998 shares of the construction company’s stock worth $5,375,000 after acquiring an additional 547 shares during the last quarter. Finally, Clean Energy Transition LLP acquired a new stake in Owens Corning during the third quarter worth about $75,203,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

OC has been the topic of several research analyst reports. JPMorgan Chase & Co. reduced 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. Evercore cut their price target 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. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. Argus raised shares of Owens Corning to a “strong-buy” rating in a research report on Wednesday, January 14th. Finally, Citigroup cut their target price on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $151.58.

Owens Corning Stock Down 1.6%

Shares of Owens Corning stock opened at $109.71 on Monday. The company has a 50-day simple moving average of $123.54 and a two-hundred day simple moving average of $126.07. The stock has a market capitalization of $8.82 billion, a PE ratio of -17.14, a price-to-earnings-growth ratio of 1.78 and a beta of 1.35. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter in the previous year, the company earned $3.22 EPS. The company’s quarterly revenue was down 16.8% compared to the same quarter last year. On average, analysts anticipate 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, April 9th. Shareholders of record on Monday, March 9th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, March 9th. Owens Corning’s dividend payout ratio (DPR) is currently -49.38%.

Owens Corning Company Profile

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.