Forum Financial Management LP Has $338,000 Position in Owens Corning Inc $OC

Forum Financial Management LP lowered its stake in shares of Owens Corning Inc (NYSE:OC) by 3.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,459 shares of the construction company’s stock after selling 81 shares during the period. Forum Financial Management LP’s holdings in Owens Corning were worth $338,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of OC. Vanguard Group Inc. boosted its stake in shares of Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock valued at $1,401,876,000 after buying an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Owens Corning by 67.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock valued at $339,930,000 after purchasing an additional 957,295 shares in the last quarter. Nuveen LLC bought a new position in shares of Owens Corning during the 1st quarter valued at $91,698,000. Millennium Management LLC raised its holdings in shares of Owens Corning by 179.0% during the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock valued at $123,287,000 after purchasing an additional 553,864 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Owens Corning during the 2nd quarter valued at $54,030,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $127.87 on Monday. The firm’s 50-day moving average is $142.69 and its 200-day moving average is $141.19. Owens Corning Inc has a 52-week low of $123.23 and a 52-week high of $214.53. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The company has a market cap of $10.69 billion, a price-to-earnings ratio of 33.21, a PEG ratio of 9.33 and a beta of 1.32.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the firm posted $4.64 EPS. The business’s revenue was up 10.0% compared to the same quarter last year. Equities research analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Owens Corning from $170.00 to $175.00 and gave the company an “overweight” rating in a report on Thursday, September 11th. Barclays raised their price target on shares of Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Truist Financial cut their price target on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating on the stock in a report on Thursday, October 9th. Evercore ISI dropped their target price on shares of Owens Corning from $169.00 to $153.00 and set an “in-line” rating on the stock in a report on Tuesday, October 7th. Finally, Zacks Research lowered shares of Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Ten analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.31.

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.