Callodine Capital Management LP Takes Position in Owens Corning Inc $OC

Callodine Capital Management LP purchased a new stake in Owens Corning Inc (NYSE:OC) during the third quarter, according to its most recent filing with the SEC. The firm purchased 122,930 shares of the construction company’s stock, valued at approximately $17,390,000. Owens Corning accounts for approximately 1.5% of Callodine Capital Management LP’s portfolio, making the stock its 26th largest position. Callodine Capital Management LP owned approximately 0.15% of Owens Corning at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ossiam increased its stake in Owens Corning by 5.9% in the second quarter. Ossiam now owns 1,254 shares of the construction company’s stock valued at $172,000 after purchasing an additional 70 shares in the last quarter. Pitcairn Co. grew its holdings in shares of Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after buying an additional 80 shares during the period. Archer Investment Corp increased its position in shares of Owens Corning by 13.3% in the 3rd quarter. Archer Investment Corp now owns 748 shares of the construction company’s stock valued at $106,000 after buying an additional 88 shares in the last quarter. Brown Advisory Inc. increased its position in shares of Owens Corning by 0.8% in the 2nd quarter. Brown Advisory Inc. now owns 11,847 shares of the construction company’s stock valued at $1,629,000 after buying an additional 96 shares in the last quarter. Finally, Park Avenue Securities LLC raised its stake in Owens Corning by 7.2% during the 3rd quarter. Park Avenue Securities LLC now owns 1,652 shares of the construction company’s stock worth $234,000 after buying an additional 111 shares during the period. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $106.48 on Friday. The firm has a market cap of $8.56 billion, a price-to-earnings ratio of -16.64, a price-to-earnings-growth ratio of 1.67 and a beta of 1.35. The stock’s 50-day moving average is $122.88 and its 200-day moving average is $124.82. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the previous year, the business posted $3.22 earnings per share. The firm’s quarterly revenue was down 16.8% compared to the same quarter last year. Equities analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders 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 dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, March 9th. Owens Corning’s dividend payout ratio (DPR) is currently -49.38%.

Analyst Ratings Changes

OC has been the subject of several recent analyst reports. Citigroup lowered their price target on Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Argus upgraded Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. UBS Group boosted their price objective on Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Barclays raised their target price on shares of Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a report on Thursday, January 15th. Finally, 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 research note on Thursday, December 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $151.58.

Owens Corning 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.