Highland Peak Capital LLC Makes New $31.96 Million Investment in Owens Corning Inc $OC

Highland Peak Capital LLC bought a new position in Owens Corning Inc (NYSE:OC) during the 3rd quarter, HoldingsChannel reports. The fund bought 225,919 shares of the construction company’s stock, valued at approximately $31,959,000. Owens Corning accounts for about 10.5% of Highland Peak Capital LLC’s holdings, making the stock its 4th biggest holding.

Several other institutional investors and hedge funds have also modified their holdings of OC. Twin Peaks Wealth Advisors LLC acquired a new stake in Owens Corning during the 2nd quarter valued at $26,000. Rexford Capital Inc. acquired a new position in Owens Corning in the second quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Owens Corning during the second quarter worth $30,000. Vermillion & White Wealth Management Group LLC increased its stake in shares of Owens Corning by 149.4% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after buying an additional 133 shares in the last quarter. Finally, Root Financial Partners LLC acquired a new stake in shares of Owens Corning in the third quarter valued at $39,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Trading Up 2.0%

NYSE:OC opened at $116.84 on Thursday. The business’s 50-day moving average price is $123.66 and its two-hundred day moving average price is $126.79. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.42. The firm has a market capitalization of $9.39 billion, a price-to-earnings ratio of -18.26, a PEG ratio of 1.80 and a beta of 1.35. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the previous year, the company posted $3.22 EPS. The firm’s revenue for the quarter was down 16.8% on a year-over-year basis. On average, equities analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be given a $0.79 dividend. The ex-dividend date is Monday, March 9th. This represents a $3.16 annualized dividend and a dividend yield of 2.7%. Owens Corning’s payout ratio is currently -49.38%.

Analyst Ratings Changes

Several brokerages recently issued reports on OC. Wells Fargo & Company upped their price target on shares of Owens Corning from $145.00 to $155.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 11th. Barclays upped their target price on shares of Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. UBS Group raised their price target on shares of Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and a consensus price target of $151.58.

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.