Envestnet Portfolio Solutions Inc. Buys 3,351 Shares of Owens Corning Inc $OC

Envestnet Portfolio Solutions Inc. boosted its stake in Owens Corning Inc (NYSE:OC) by 124.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,035 shares of the construction company’s stock after acquiring an additional 3,351 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Owens Corning were worth $830,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in OC. Vanguard Group Inc. increased its stake in shares of Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after purchasing an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Owens Corning by 67.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock worth $339,930,000 after purchasing an additional 957,295 shares in the last quarter. LSV Asset Management increased its stake in shares of Owens Corning by 1.9% in the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company’s stock worth $210,812,000 after purchasing an additional 27,185 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Owens Corning by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company’s stock worth $123,634,000 after purchasing an additional 5,819 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Owens Corning by 179.0% in the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock worth $123,287,000 after purchasing an additional 553,864 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Evercore ISI reduced their target price on shares of Owens Corning from $169.00 to $153.00 and set an “in-line” rating for the company in a research note on Tuesday, October 7th. Royal Bank Of Canada reduced their target price on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Bank of America reduced their target price on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating for the company in a research note on Wednesday, October 1st. UBS Group reduced their target price on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Finally, Jefferies Financial Group reduced their price objective on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, October 7th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average target price of $178.31.

Owens Corning Price Performance

Shares of NYSE:OC opened at $127.09 on Monday. The company has a 50 day moving average of $144.84 and a 200 day moving average of $141.30. The stock has a market cap of $10.63 billion, a P/E ratio of 33.01, a P/E/G ratio of 9.22 and a beta of 1.32. Owens Corning Inc has a 12 month low of $123.23 and a 12 month high of $214.53. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. Owens Corning’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.64 earnings per share. As a group, sell-side analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, October 20th. This represents a $2.76 annualized dividend and a yield of 2.2%. Owens Corning’s payout ratio is presently 71.69%.

About Owens Corning

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.