Distillate Capital Partners LLC Raises Holdings in Owens Corning (NYSE:OC)

Distillate Capital Partners LLC boosted its holdings in shares of Owens Corning (NYSE:OC) by 93,001.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 81,929 shares of the construction company’s stock after purchasing an additional 81,841 shares during the period. Distillate Capital Partners LLC owned approximately 0.09% of Owens Corning worth $14,233,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in OC. MV Capital Management Inc. lifted its stake in shares of Owens Corning by 112.9% in the 1st quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after acquiring an additional 79 shares during the period. NBC Securities Inc. acquired a new stake in shares of Owens Corning in the 1st quarter valued at approximately $26,000. ST Germain D J Co. Inc. boosted its stake in shares of Owens Corning by 794.1% in the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after buying an additional 135 shares in the last quarter. Riverview Trust Co acquired a new position in Owens Corning during the first quarter worth $28,000. Finally, ORG Partners LLC purchased a new position in Owens Corning in the first quarter worth $31,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the sale, the insider now owns 60,130 shares in the company, valued at $10,222,100. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. The disclosure for this sale can be found here. Insiders sold a total of 9,101 shares of company stock worth $1,577,952 in the last 90 days. 0.89% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently commented on OC shares. Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and raised their price objective for the company from $178.00 to $191.00 in a research note on Thursday, July 11th. Evercore ISI reduced their price objective on Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a report on Wednesday, August 7th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, September 7th. UBS Group lifted their price target on Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada raised their target price on shares of Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.23.

Owens Corning Stock Performance

NYSE OC opened at $174.27 on Tuesday. The business’s 50-day simple moving average is $167.63 and its 200-day simple moving average is $169.79. The firm has a market capitalization of $15.10 billion, a P/E ratio of 14.11, a P/E/G ratio of 3.18 and a beta of 1.41. Owens Corning has a 1-year low of $109.95 and a 1-year high of $191.13. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37 and a quick ratio of 0.79.

Owens Corning (NYSE:OC) last posted its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating the consensus estimate of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the previous year, the business posted $4.22 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis. Equities analysts predict that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.