Tiptree Advisors LLC Invests $11.45 Million in Owens Corning Inc $OC

Tiptree Advisors LLC acquired a new stake in shares of Owens Corning Inc (NYSE:OC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 72,000 shares of the construction company’s stock, valued at approximately $11,445,000. Owens Corning comprises about 7.1% of Tiptree Advisors LLC’s portfolio, making the stock its 5th largest position. Tiptree Advisors LLC owned 0.09% of Owens Corning as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Owens Corning during the second quarter valued at approximately $1,401,161,000. Arrowstreet Capital Limited Partnership lifted 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 buying an additional 1,078,877 shares during the last quarter. Norges Bank bought a new stake in shares of Owens Corning during the 4th quarter worth $119,748,000. Allspring Global Investments Holdings LLC grew its stake in Owens Corning by 721.9% in 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 during the last quarter. Finally, Gendell Jeffrey L grew its stake in Owens Corning by 349.3% in the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock valued at $103,188,000 after buying an additional 716,839 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on OC shares. The Goldman Sachs Group boosted their target price on shares of Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. Royal Bank Of Canada raised their price target on Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research report on Friday, July 10th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and a consensus target price of $165.31.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $145.57 on Thursday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The company has a market cap of $11.51 billion, a PE ratio of -18.06, a price-to-earnings-growth ratio of 2.21 and a beta of 1.32. The firm has a fifty day moving average price of $144.53 and a two-hundred day moving average price of $127.67. 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 quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the previous year, the firm posted $4.21 EPS. The business’s revenue was up .3% compared to the same quarter last year. Analysts expect that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Dividend Announcement

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

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.