Cibc World Market Inc. Acquires Shares of 28,798 Owens Corning Inc $OC

Cibc World Market Inc. bought a new position in Owens Corning Inc (NYSE:OC) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 28,798 shares of the construction company’s stock, valued at approximately $4,578,000.

Several other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Owens Corning during the second quarter valued at about $1,401,161,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Owens Corning by 460.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after purchasing an additional 1,078,877 shares in the last quarter. Norges Bank bought a new stake in shares of Owens Corning in the fourth quarter valued at approximately $119,748,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after buying an additional 1,027,800 shares in the last quarter. Finally, Gendell Jeffrey L boosted its holdings in Owens Corning by 349.3% in the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock worth $103,188,000 after buying an additional 716,839 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, the insider owned 15,848 shares in the company, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Owens Corning Stock Performance

NYSE:OC opened at $146.57 on Wednesday. The stock has a market cap of $11.59 billion, a P/E ratio of -18.19, a PEG ratio of 2.21 and a beta of 1.32. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The business’s 50-day moving average price is $144.10 and its two-hundred day moving average price is $127.58. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping the consensus estimate of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.Owens Corning’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.21 earnings per share. As a group, equities analysts predict that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s payout ratio is currently -39.21%.

Wall Street Analyst Weigh In

OC has been the topic of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Weiss Ratings raised Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, June 24th. Barclays raised their target price on Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Wells Fargo & Company upped their price target on Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Finally, The Goldman Sachs Group raised their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and an average target price of $165.31.

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.