Callodine Capital Management LP Has $35.36 Million Stock Position in Owens Corning Inc $OC

Callodine Capital Management LP raised its position in shares of Owens Corning Inc (NYSE:OC) by 41.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 326,730 shares of the construction company’s stock after purchasing an additional 95,562 shares during the quarter. Owens Corning makes up approximately 2.5% of Callodine Capital Management LP’s investment portfolio, making the stock its 16th largest holding. Callodine Capital Management LP owned approximately 0.41% of Owens Corning worth $35,359,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in OC. Itau Unibanco Holding S.A. acquired a new stake in shares of Owens Corning during the fourth quarter worth $29,000. Cassaday & Co Wealth Management LLC acquired a new position in Owens Corning in the first quarter valued at $30,000. Harbour Investments Inc. boosted its position in Owens Corning by 66.5% during the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after acquiring an additional 129 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning during the 4th quarter worth about $37,000. Finally, Measured Wealth Private Client Group LLC bought a new position in shares of Owens Corning in the 3rd quarter worth about $42,000. Institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OC. Royal Bank Of Canada raised their target price on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. JPMorgan Chase & Co. increased their price target on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Evercore restated an “outperform” rating and set a $193.00 price target on shares of Owens Corning in a report on Thursday. The Goldman Sachs Group lifted 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. Finally, Bank of America cut their target price on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. 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 company. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and an average price target of $157.92.

Owens Corning Stock Performance

NYSE OC opened at $142.41 on Friday. The company has a market cap of $11.47 billion, a P/E ratio of -21.55, a PEG ratio of 2.76 and a beta of 1.30. The company has a fifty day simple moving average of $131.26 and a 200 day simple moving average of $123.39. 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 12-month low of $97.53 and a 12-month high of $159.91.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period last year, the firm earned $2.97 earnings per share. Sell-side analysts predict that Owens Corning Inc will post 9.55 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

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

Insider Buying and Selling

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction that occurred on 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. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Owens Corning stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.92% of the company’s stock.

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.