EMG Holdings L.P. Purchases Shares of 27,000 Owens Corning (NYSE:OC)

EMG Holdings L.P. acquired a new position in Owens Corning (NYSE:OC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 27,000 shares of the construction company's stock, valued at approximately $4,599,000. Owens Corning comprises 2.7% of EMG Holdings L.P.'s portfolio, making the stock its 4th biggest position.

Other institutional investors also recently made changes to their positions in the company. Truist Financial Corp boosted its holdings in shares of Owens Corning by 4.0% during the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock worth $2,732,000 after purchasing an additional 624 shares during the period. Janus Henderson Group PLC boosted its position in Owens Corning by 3.1% during the 3rd quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company's stock valued at $1,189,000 after acquiring an additional 200 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Owens Corning by 88.9% during the 4th quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock worth $66,777,000 after acquiring an additional 184,552 shares during the period. Empower Advisory Group LLC raised its position in shares of Owens Corning by 1.0% in the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company's stock worth $87,212,000 after acquiring an additional 5,167 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its position in shares of Owens Corning by 3.1% during the third quarter. Retirement Systems of Alabama now owns 196,672 shares of the construction company's stock valued at $34,717,000 after purchasing an additional 5,916 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

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Owens Corning Price Performance

Shares of NYSE:OC traded down $3.09 during trading on Friday, hitting $134.17. 1,505,884 shares of the company's stock were exchanged, compared to its average volume of 786,956. Owens Corning has a 52-week low of $126.15 and a 52-week high of $214.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The company has a market cap of $11.48 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 1.88 and a beta of 1.39. The business's 50-day simple moving average is $160.07 and its 200 day simple moving average is $175.44.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, topping analysts' consensus estimates of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the prior year, the business earned $3.21 earnings per share. Owens Corning's revenue for the quarter was up 23.3% on a year-over-year basis. As a group, equities analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be given a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a yield of 2.06%. Owens Corning's dividend payout ratio is currently 37.70%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OC. Wells Fargo & Company reduced their target price on shares of Owens Corning from $225.00 to $200.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price for the company. Barclays cut their target price on Owens Corning from $245.00 to $215.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Citigroup lowered their price objective on Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Finally, Loop Capital decreased their price target on Owens Corning from $215.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, January 10th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $202.42.

Insider Activity

In related news, insider Monaco Nicolas Del sold 1,750 shares of the business's stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the transaction, the insider now owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.82% of the company's stock.

Owens Corning Profile

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.