Empowered Funds LLC Takes Position in Owens Corning Inc $OC

Empowered Funds LLC purchased a new position in shares of Owens Corning Inc (NYSE:OC) in the second quarter, HoldingsChannel.com reports. The fund purchased 22,531 shares of the construction company’s stock, valued at approximately $3,582,000.

A number of other hedge funds have also added to or reduced their stakes in OC. Geneos Wealth Management Inc. lifted its stake in Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after purchasing an additional 184 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Owens Corning in the 2nd quarter valued at $277,000. EverSource Wealth Advisors LLC increased its stake in shares of Owens Corning by 1,433.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after purchasing an additional 1,190 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Owens Corning by 294.3% during the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock worth $2,389,000 after buying an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia lifted its position in shares of Owens Corning by 12.2% during the 2nd quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock worth $421,000 after buying an additional 333 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on OC shares. Weiss Ratings raised Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. DA Davidson began coverage on shares of Owens Corning in a report on Monday, August 24th. They issued a “buy” rating and a $190.00 target price for the company. Evercore restated an “outperform” rating and issued a $193.00 price target on shares of Owens Corning in a research note on Thursday, July 23rd. Truist Financial set a $198.00 price objective on shares of Owens Corning in a research report on Thursday, August 6th. Finally, Wells Fargo & Company increased their price objective on shares of Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $165.31.

Owens Corning Price Performance

Owens Corning stock opened at $133.81 on Wednesday. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $10.58 billion, a PE ratio of -16.60, a P/E/G ratio of 2.08 and a beta of 1.32. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The stock has a 50-day moving average price of $145.63 and a two-hundred day moving average price of $127.75.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The business’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 earnings per share. Analysts expect that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is -39.21%.

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares of the company’s stock, valued at $3,090,157.43. The trade was a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by corporate 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.