Dala Group LLC Acquires New Stake in Owens Corning Inc $OC

Dala Group LLC bought a new position in shares of Owens Corning Inc (NYSE:OC) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 10,171 shares of the construction company’s stock, valued at approximately $1,617,000. Owens Corning comprises approximately 1.3% of Dala Group LLC’s portfolio, making the stock its 19th largest position.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OC. HM Payson & Co. grew its position in Owens Corning by 203.6% in the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after acquiring an additional 112 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Owens Corning during the fourth quarter worth about $29,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Owens Corning in the first quarter valued at approximately $30,000. Harbour Investments Inc. boosted its stake in shares of Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after purchasing an additional 129 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Owens Corning in the fourth quarter valued at approximately $37,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OC has been the topic of several recent research reports. Wall Street Zen raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Royal Bank Of Canada raised their price target on shares of Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research report on Friday, July 10th. 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 research note on Friday, May 8th. The Goldman Sachs Group upped their price objective on Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft lifted 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. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $163.25.

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

Owens Corning Stock Performance

NYSE OC opened at $150.78 on Wednesday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The company has a market capitalization of $11.92 billion, a PE ratio of -18.71, a P/E/G ratio of 2.33 and a beta of 1.32. The company has a fifty day moving average of $141.49 and a two-hundred day moving average of $126.73.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping 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 business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same quarter in the previous year, the firm earned $4.21 earnings per share. The business’s revenue was up .3% compared to the same quarter last year. As a group, analysts expect that Owens Corning Inc will post 9.9 earnings per share for the current year.

Owens Corning Announces Dividend

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 2.1%. The ex-dividend date was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) 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.