Callodine Capital Management LP Purchases 95,562 Shares of Owens Corning Inc $OC

Callodine Capital Management LP increased its holdings in Owens Corning Inc (NYSE:OC) by 41.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 326,730 shares of the construction company’s stock after acquiring an additional 95,562 shares during the period. Owens Corning comprises approximately 2.5% of Callodine Capital Management LP’s portfolio, making the stock its 16th biggest holding. Callodine Capital Management LP’s holdings in Owens Corning were worth $35,359,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its stake in Owens Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock valued at $1,092,883,000 after purchasing an additional 84,096 shares during the period. State Street Corp grew its position in Owens Corning by 2.3% during the third quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock valued at $514,205,000 after buying an additional 81,133 shares during the period. Dimensional Fund Advisors LP increased its holdings in Owens Corning by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after buying an additional 188,211 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Owens Corning by 9.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company’s stock worth $290,321,000 after acquiring an additional 231,871 shares during the period. Finally, First Trust Advisors LP boosted its stake in Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after acquiring an additional 403,803 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

Shares of OC opened at $142.41 on Friday. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The stock’s 50-day simple moving average is $131.26 and its 200 day simple moving average is $123.39. 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 stock has a market capitalization of $11.47 billion, a price-to-earnings ratio of -21.55, a price-to-earnings-growth ratio of 2.76 and a beta of 1.30.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share 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 business had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same quarter in the previous year, the firm earned $2.97 EPS. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. Research analysts forecast that Owens Corning Inc will post 9.55 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be paid a $0.79 dividend. The ex-dividend date is Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.2%. Owens Corning’s dividend payout ratio is currently -47.81%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Weiss Ratings raised shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, June 24th. The Goldman Sachs Group upped their price target on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research report on Friday, July 10th. Benchmark reissued a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Wells Fargo & Company boosted their price objective on Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and a consensus target price of $157.92.

Insider Buying and Selling at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the sale, the vice president owned 3,093 shares in the company, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. 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 owned by company insiders.

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.