Jupiter Topco LLC Takes Position in Owens Corning Inc $OC

Jupiter Topco LLC bought a new position in Owens Corning Inc (NYSE:OC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 188,052 shares of the construction company’s stock, valued at approximately $29,889,000.

A number of other large investors have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Owens Corning in the second quarter worth about $1,401,161,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Owens Corning by 460.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after buying an additional 1,078,877 shares during the last quarter. Norges Bank purchased a new stake in shares of Owens Corning in the fourth quarter worth approximately $119,748,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Owens Corning by 721.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after acquiring an additional 1,027,800 shares during the last quarter. Finally, Gendell Jeffrey L lifted its stake in shares of Owens Corning by 349.3% during the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock worth $103,188,000 after acquiring an additional 716,839 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Trading Down 0.3%

OC opened at $143.27 on Friday. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The stock’s fifty day moving average is $145.16 and its two-hundred day moving average is $127.84. The company has a market capitalization of $11.33 billion, a P/E ratio of -17.78, a PEG ratio of 2.16 and a beta of 1.32. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the prior year, the business earned $4.21 EPS. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Analysts forecast that Owens Corning Inc will post 9.9 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a $0.79 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.2%. Owens Corning’s dividend payout ratio is -39.21%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OC. Royal Bank Of Canada upped their price objective on Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research report on Friday, July 10th. Deutsche Bank Aktiengesellschaft lifted their target price on Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Citigroup boosted their target price on shares of Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Barclays raised their price target on shares of Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Owens Corning has an average rating of “Moderate Buy” and a consensus price target of $165.31.

Owens Corning Company Profile

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.