Quent Capital LLC, an institutional investor, has cut its stake in Owens Corning (NYSE:OC) by 23.7% during the second quarter. The company sold 2,500 shares, leaving it with a total of 8,043 shares worth $1,050,000. This move follows a trend among other institutional investors and hedge funds who have also recently adjusted their holdings of Owens Corning stock.
For example, Sigma Planning Corp increased its position in Owens Corning by 4.3% during the first quarter, now owning 3,543 shares valued at $339,000. Banque Pictet & Cie SA also grew its position by 99.1% during the first quarter, holding 13,595 shares valued at $1,302,000. Prime Capital Investment Advisors LLC acquired a new stake in the company in the first quarter worth approximately $232,000. Clearstead Advisors LLC increased its position in Owens Corning by 13.0% during the first quarter, with 3,485 shares valued at $334,000. Finally, Connor Clark & Lunn Investment Management Ltd. also bought a new stake during the first quarter, with its holdings valued at $265,000. In total, 90.22% of the stock is owned by hedge funds and other institutional investors.
Multiple research firms have recently issued reports on Owens Corning. Benchmark downgraded the stock from a “buy” rating to a “hold” rating, while The Goldman Sachs Group upgraded the stock from a “sell” rating to a “neutral” rating. Truist Financial increased their price objective on the stock, while JPMorgan Chase & Co. raised the rating from “underweight” to “neutral” and increased the price objective. StockNews.com downgraded the stock from a “strong-buy” rating to a “buy” rating. Overall, the stock currently has an average rating of “Moderate Buy” with a consensus price target of $141.57.
Owens Corning’s stock traded down $2.84 on Friday, reaching a price of $136.79. The company has a 1-year low of $74.22 and a 1-year high of $147.00. With a market cap of $12.29 billion, a P/E ratio of 9.69, and a beta of 1.49, Owens Corning is a construction company with a strong market presence. Its debt-to-equity ratio is 0.60, and it has a quick ratio of 1.37 and a current ratio of 2.07. The company’s 50-day moving average is $138.57 and its two-hundred day moving average is $117.76.
In its last earnings report, Owens Corning reported $4.22 earnings per share for the quarter, beating the consensus estimate of $3.25. The company had a net margin of 13.62% and a return on equity of 25.59%. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. Analysts predict that the company will post 13.6 earnings per share for the current year.
Additionally, Owens Corning recently announced a quarterly dividend of $0.52 per share, payable on Friday, November 3rd. This represents a $2.08 dividend on an annualized basis and a yield of 1.52%. The company’s dividend payout ratio is currently 14.74%.
Insiders have also been active in trading Owens Corning stock. Director W Howard Morris sold 1,033 shares, while insider Todd W. Fister sold 5,375 shares. Insiders currently own 0.89% of the company’s stock.
Owens Corning is a manufacturing company that specializes in insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, and more.
Sources:
– SEC filing by Quent Capital LLC
– MarketBeat data
– Various research firm reports
– Owens Corning’s official website