Paralel Advisors LLC Buys Shares of 21,345 Owens Corning Inc $OC

Paralel Advisors LLC purchased a new position in Owens Corning Inc (NYSE:OC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 21,345 shares of the construction company’s stock, valued at approximately $3,393,000.

A number of other large investors have also made changes to their positions in the business. HM Payson & Co. lifted its holdings in shares of Owens Corning by 203.6% during the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after purchasing an additional 112 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in Owens Corning during the 4th quarter worth $29,000. Cassaday & Co Wealth Management LLC acquired a new position in Owens Corning during the 1st quarter valued at about $30,000. Measured Wealth Private Client Group LLC acquired a new position in Owens Corning during the 3rd quarter valued at about $42,000. Finally, Harbour Investments Inc. raised its stake in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after buying an additional 129 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on OC shares. JPMorgan Chase & Co. raised 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. Wall Street Zen upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Citigroup lifted their target price on shares of Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, Truist Financial set a $198.00 target price on shares of Owens Corning in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $163.25.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Owens Corning Stock Down 2.7%

Owens Corning stock opened at $147.19 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The business’s 50-day simple moving average is $142.73 and its two-hundred day simple moving average is $127.15. The company has a market cap of $11.64 billion, a PE ratio of -18.26, a PEG ratio of 2.28 and a beta of 1.32. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91.

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

Owens Corning Announces Dividend

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

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.