Fifth Third Bancorp Purchases 46,368 Shares of Owens Corning Inc $OC

Fifth Third Bancorp grew its holdings in shares of Owens Corning Inc (NYSE:OC) by 6,386.8% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 47,094 shares of the construction company’s stock after buying an additional 46,368 shares during the period. Fifth Third Bancorp’s holdings in Owens Corning were worth $5,096,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in OC. Itau Unibanco Holding S.A. bought a new position in Owens Corning in the 4th quarter worth about $29,000. Harbour Investments Inc. raised its holdings in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after acquiring an additional 129 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning in the 4th quarter valued at approximately $37,000. Measured Wealth Private Client Group LLC purchased a new stake in Owens Corning during the 3rd quarter valued at $42,000. Finally, Global Retirement Partners LLC boosted its position in shares of Owens Corning by 1,173.3% during the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock valued at $43,000 after buying an additional 352 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OC. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Barclays lifted their target price on shares of Owens Corning from $144.00 to $170.00 and gave the company an “overweight” rating in a research note on Tuesday. The Goldman Sachs Group boosted their target price on shares of Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a report on Friday, July 10th. Deutsche Bank Aktiengesellschaft increased their price target on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company upped their price target on shares of Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday. One 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 stock presently has an average rating of “Moderate Buy” and a consensus target price of $157.50.

Insider Buying and Selling at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction 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 directly owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, 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 position. The SEC filing for this sale provides additional information. 0.92% of the stock is currently owned by insiders.

Owens Corning Stock Down 0.4%

NYSE:OC opened at $144.04 on Friday. The company has a market cap of $11.60 billion, a price-to-earnings ratio of -21.79, a price-to-earnings-growth ratio of 2.81 and a beta of 1.30. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91. The stock has a fifty day simple moving average of $129.08 and a 200-day simple moving average of $122.42.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.21. The firm had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The company’s revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.97 earnings per share. Analysts anticipate that Owens Corning Inc will post 9.55 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be issued a $0.79 dividend. The ex-dividend date is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.2%. Owens Corning’s dividend payout ratio (DPR) is currently -47.81%.

Owens Corning 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.