Lombard Odier Asset Management Europe Ltd Acquires New Position in Owens Corning Inc $OC

Lombard Odier Asset Management Europe Ltd acquired a new stake in Owens Corning Inc (NYSE:OC) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 143,945 shares of the construction company’s stock, valued at approximately $22,881,000. Owens Corning accounts for approximately 0.1% of Lombard Odier Asset Management Europe Ltd’s investment portfolio, making the stock its 26th biggest position.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Owens Corning during the 2nd quarter worth approximately $1,401,161,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Owens Corning by 460.8% in 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 in the last quarter. Norges Bank purchased a new stake in shares of Owens Corning in the fourth quarter valued at approximately $119,748,000. Allspring Global Investments Holdings LLC grew its holdings in Owens Corning by 721.9% during the first 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 period. Finally, Bank of America Corp DE acquired a new position in Owens Corning during the second quarter worth $133,685,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

Owens Corning stock opened at $143.27 on Friday. The firm has a market capitalization of $11.33 billion, a PE ratio of -17.78, a P/E/G 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. The firm’s 50-day simple moving average is $145.16 and its 200 day simple moving average is $127.84. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10.

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

Owens Corning Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. The Goldman Sachs Group raised their target price on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Weiss Ratings raised shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Barclays raised their price objective on shares of Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Owens Corning has an average rating of “Moderate Buy” and a consensus price target of $165.31.

About Owens Corning

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.