Owens Corning Inc $OC Shares Sold by SummitTX Capital L.P.

SummitTX Capital L.P. lessened its holdings in shares of Owens Corning Inc (NYSE:OC) by 16.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 143,361 shares of the construction company’s stock after selling 27,506 shares during the period. Owens Corning accounts for approximately 0.5% of SummitTX Capital L.P.’s investment portfolio, making the stock its 28th biggest position. SummitTX Capital L.P.’s holdings in Owens Corning were worth $15,515,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OC. Family Manage LLC lifted its stake in Owens Corning by 14.3% in the 1st quarter. Family Manage LLC now owns 2,145 shares of the construction company’s stock worth $232,000 after purchasing an additional 268 shares in the last quarter. OMERS ADMINISTRATION Corp grew its position in shares of Owens Corning by 252.4% in the first quarter. OMERS ADMINISTRATION Corp now owns 12,985 shares of the construction company’s stock valued at $1,405,000 after purchasing an additional 9,300 shares in the last quarter. Callodine Capital Management LP increased its holdings in shares of Owens Corning by 41.3% in the first quarter. Callodine Capital Management LP now owns 326,730 shares of the construction company’s stock valued at $35,359,000 after purchasing an additional 95,562 shares during the last quarter. Waverly Advisors LLC purchased a new position in Owens Corning during the first quarter worth approximately $236,000. Finally, Bank of Nova Scotia purchased a new position in Owens Corning during the first quarter worth approximately $1,319,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Trading Up 0.1%

Shares of Owens Corning stock opened at $142.41 on Monday. The stock has a 50 day moving average of $131.26 and a 200 day moving average of $123.46. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of -21.55, a PEG ratio of 2.76 and a beta of 1.30. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the previous year, the business earned $2.97 earnings per share. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, research analysts predict that Owens Corning Inc will post 9.55 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is presently -47.81%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OC. Truist Financial upped their target price on Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, May 7th. Wells Fargo & Company lifted their price target on Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. The Goldman Sachs Group upped their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Finally, Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.92.

Insider Transactions at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the sale, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

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.