Hsbc Holdings PLC Buys New Stake in Owens Corning Inc $OC

Hsbc Holdings PLC purchased a new position in shares of Owens Corning Inc (NYSE:OC) during the second quarter, Holdings Channel reports. The fund purchased 20,870 shares of the construction company’s stock, valued at approximately $3,315,000.

A number of other institutional investors have also modified their holdings of OC. HM Payson & Co. lifted its stake in Owens Corning by 203.6% during the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after acquiring an additional 112 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Owens Corning in the fourth quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC acquired a new position in shares of Owens Corning in the first quarter valued at approximately $30,000. Fiduciary Financial Advisors purchased a new stake in Owens Corning during the 2nd quarter worth approximately $35,000. Finally, Harbour Investments Inc. boosted its position in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after buying an additional 129 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

Shares of NYSE OC opened at $143.27 on Friday. The stock’s 50-day simple moving average is $145.16 and its 200-day simple moving average is $127.84. The firm has a market capitalization of $11.33 billion, a PE ratio of -17.78, a price-to-earnings-growth ratio of 2.15 and a beta of 1.32. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the prior year, the company posted $4.21 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. As a group, equities research analysts forecast that Owens Corning Inc will post 9.9 EPS for the current fiscal 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 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is currently -39.21%.

Analyst Ratings Changes

OC has been the topic of several analyst reports. Weiss Ratings upgraded Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Evercore restated an “outperform” rating and set a $193.00 price target on shares of Owens Corning in a report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft lifted their price objective on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Wall Street Zen upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $165.31.

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.