Cincinnati Insurance Co. Takes $21.68 Million Position in Owens Corning (NYSE:OC)

Cincinnati Insurance Co. purchased a new stake in shares of Owens Corning (NYSE:OC) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 130,000 shares of the construction company’s stock, valued at approximately $21,684,000. Cincinnati Insurance Co. owned about 0.15% of Owens Corning as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OC. Mariner LLC increased its position in shares of Owens Corning by 4.3% during the 3rd quarter. Mariner LLC now owns 4,335 shares of the construction company’s stock valued at $591,000 after purchasing an additional 179 shares during the last quarter. Toroso Investments LLC increased its holdings in Owens Corning by 131.8% in the 3rd quarter. Toroso Investments LLC now owns 12,543 shares of the construction company’s stock worth $1,711,000 after acquiring an additional 7,133 shares in the last quarter. Townsquare Capital LLC increased its holdings in Owens Corning by 14.4% in the 3rd quarter. Townsquare Capital LLC now owns 15,453 shares of the construction company’s stock worth $2,108,000 after acquiring an additional 1,949 shares in the last quarter. Penserra Capital Management LLC increased its holdings in Owens Corning by 26.8% in the 3rd quarter. Penserra Capital Management LLC now owns 3,436 shares of the construction company’s stock worth $468,000 after acquiring an additional 727 shares in the last quarter. Finally, Comerica Bank purchased a new stake in Owens Corning in the 3rd quarter worth approximately $5,837,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insiders Place Their Bets

In other Owens Corning news, VP Mari Doerfler sold 240 shares of Owens Corning stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total transaction of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares of the company’s stock, valued at $901,875.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Owens Corning news, VP Mari Doerfler sold 240 shares of Owens Corning stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total transaction of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares of the company’s stock, valued at $901,875.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Todd W. Fister sold 3,000 shares of Owens Corning stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $173.65, for a total value of $520,950.00. Following the sale, the chief financial officer now owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The disclosure for this sale can be found here. Insiders sold 19,360 shares of company stock valued at $3,437,315 over the last three months. 0.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada increased their target price on shares of Owens Corning from $192.00 to $201.00 and gave the stock an “outperform” rating in a report on Tuesday, May 21st. Loop Capital increased their target price on shares of Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, June 21st. UBS Group upped their price target on Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Citigroup upped their price target on Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Finally, Barclays upped their price target on Owens Corning from $160.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Monday, June 3rd. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.00.

Owens Corning Price Performance

Shares of OC stock traded down $2.00 on Tuesday, reaching $165.34. The company’s stock had a trading volume of 460,791 shares, compared to its average volume of 656,887. The stock’s fifty day simple moving average is $175.49 and its 200-day simple moving average is $162.65. Owens Corning has a 1 year low of $109.95 and a 1 year high of $184.00. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $14.33 billion, a price-to-earnings ratio of 13.39, a price-to-earnings-growth ratio of 4.93 and a beta of 1.42.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, beating analysts’ consensus estimates of $3.04 by $0.55. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the firm posted $2.77 earnings per share. Owens Corning’s revenue for the quarter was down 1.3% compared to the same quarter last year. Analysts forecast that Owens Corning will post 15.48 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.45%. The ex-dividend date is Monday, July 15th. Owens Corning’s payout ratio is 19.43%.

About Owens Corning

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.