Commerce Bank Purchases Shares of 57,015 Owens Corning Inc $OC

Commerce Bank purchased a new position in shares of Owens Corning Inc (NYSE:OC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 57,015 shares of the construction company’s stock, valued at approximately $9,063,000.

Several other institutional investors and hedge funds have also made changes to their positions in OC. BNP Paribas Financial Markets increased its stake in Owens Corning by 178.2% in the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company’s stock valued at $20,888,000 after purchasing an additional 119,566 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in Owens Corning during the first quarter worth approximately $2,576,000. Raiffeisen Bank International AG lifted its position in shares of Owens Corning by 12.4% during the 4th quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company’s stock worth $39,976,000 after buying an additional 38,885 shares during the last quarter. Systematic Financial Management LP lifted its position in shares of Owens Corning by 10.8% during the 4th quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company’s stock worth $27,355,000 after buying an additional 23,873 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Owens Corning by 1,243.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 39,134 shares of the construction company’s stock valued at $4,379,000 after buying an additional 36,222 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of recent analyst reports. Truist Financial set a $198.00 target price on shares of Owens Corning in a research report on Thursday, August 6th. Barclays boosted their price target on shares of Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. The Goldman Sachs Group upped their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research note on Friday, July 10th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Finally, Wall Street Zen upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. One analyst has 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 stock. According to MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and a consensus target price of $163.25.

Owens Corning Stock Down 0.1%

Shares of NYSE:OC opened at $147.92 on Monday. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The stock has a market cap of $11.69 billion, a P/E ratio of -18.35, a P/E/G ratio of 2.23 and a beta of 1.32. The firm has a fifty day moving average price of $143.26 and a 200 day moving average price of $127.33.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period in the previous year, the business posted $4.21 earnings per share. Owens Corning’s quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts predict that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were issued a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.1%. Owens Corning’s dividend payout ratio (DPR) is currently -39.21%.

Insider Transactions at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

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.