Paradiem LLC Raises Holdings in Owens Corning Inc $OC

Paradiem LLC increased its stake in shares of Owens Corning Inc (NYSE:OC) by 942.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 94,067 shares of the construction company’s stock after buying an additional 85,047 shares during the quarter. Owens Corning makes up 3.1% of Paradiem LLC’s portfolio, making the stock its 13th largest position. Paradiem LLC’s holdings in Owens Corning were worth $13,307,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of OC. Ossiam increased its position in Owens Corning by 5.9% during the second quarter. Ossiam now owns 1,254 shares of the construction company’s stock worth $172,000 after buying an additional 70 shares in the last quarter. Pitcairn Co. boosted its stake in shares of Owens Corning by 4.6% during the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after acquiring an additional 80 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of Owens Corning by 0.8% during the second quarter. Brown Advisory Inc. now owns 11,847 shares of the construction company’s stock valued at $1,629,000 after acquiring an additional 96 shares during the last quarter. State of Michigan Retirement System increased its position in Owens Corning by 0.4% during 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 in the last quarter. Finally, Assetmark Inc. raised its stake in Owens Corning by 51.0% in the 2nd quarter. Assetmark Inc. now owns 299 shares of the construction company’s stock valued at $41,000 after purchasing an additional 101 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OC. Royal Bank Of Canada decreased their price target on shares of Owens Corning from $174.00 to $145.00 and set an “outperform” rating on the stock in a research note on Thursday, November 6th. UBS Group reduced their price objective on shares of Owens Corning from $210.00 to $179.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Evercore ISI lowered their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research note on Thursday, December 4th. Barclays set a $130.00 price target on Owens Corning in a research note on Monday, December 8th. Finally, Vertical Research initiated coverage on Owens Corning in a research report on Monday, October 20th. They issued a “hold” rating for the company. Ten equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has an average rating of “Hold” and a consensus target price of $155.58.

Owens Corning Stock Performance

NYSE:OC opened at $113.64 on Friday. The company has a market cap of $9.34 billion, a P/E ratio of -19.87, a P/E/G ratio of 9.16 and a beta of 1.34. The firm’s 50 day moving average is $113.65 and its two-hundred day moving average is $132.73. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $192.96. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05.

Owens Corning (NYSE:OC) last announced its quarterly earnings data 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. The company 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 quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the company earned $4.38 EPS. Analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

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

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.