Semanteon Capital Management LP Invests $566,000 in Owens Corning Inc $OC

Semanteon Capital Management LP purchased a new position in shares of Owens Corning Inc (NYSE:OC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,002 shares of the construction company’s stock, valued at approximately $566,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OC. Vanguard Group Inc. lifted its holdings in shares of Owens Corning by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company’s stock valued at $1,367,977,000 after buying an additional 131,795 shares during the period. LSV Asset Management lifted its holdings in Owens Corning by 0.3% in the third quarter. LSV Asset Management now owns 1,449,562 shares of the construction company’s stock valued at $205,055,000 after acquiring an additional 4,370 shares during the period. Norges Bank purchased a new stake in shares of Owens Corning during the 2nd quarter worth $163,719,000. Qube Research & Technologies Ltd grew its stake in shares of Owens Corning by 43.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,102,722 shares of the construction company’s stock worth $151,646,000 after purchasing an additional 331,835 shares during the period. Finally, Amundi increased its holdings in shares of Owens Corning by 92.9% in the 2nd quarter. Amundi now owns 1,086,735 shares of the construction company’s stock valued at $157,279,000 after purchasing an additional 523,376 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

OC stock opened at $132.74 on Friday. The stock’s 50 day moving average price is $122.50 and its 200 day moving average price is $128.30. The firm has a market cap of $10.91 billion, a P/E ratio of -23.21, a PEG ratio of 2.78 and a beta of 1.36. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $173.63.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 9th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, March 9th. Owens Corning’s dividend payout ratio is -55.24%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on OC. 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. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. Evercore dropped their price objective on Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research note on Thursday, December 4th. Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Finally, Wells Fargo & Company upped their target price on Owens Corning from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and a consensus target price of $150.58.

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.