Quadrature Capital Ltd has reduced its holdings in Owens Corning Inc (NYSE:OC) by 13.8% during the second quarter of 2023, as revealed in its latest 13F filing with the Securities and Exchange Commission. The institutional investor now holds 5,211 shares of the construction company after selling 835 shares during this period. Quadrature Capital’s stake in Owens Corning was valued at approximately $717,000 as of the filing.
A number of other hedge funds have also adjusted their investments in Owens Corning recently. Bangor Savings Bank acquired a new stake valued at about $28,000, while Migdal Insurance & Financial Holdings Ltd. invested approximately $30,000. Vermillion & White Wealth Management Group LLC increased its stake by 149.4%, now owning 222 shares worth around $31,000. Similarly, Chilton Capital Management LLC and Assetmark Inc. purchased new stakes valued at approximately $37,000 and $41,000, respectively. Currently, institutional investors hold 88.40% of Owens Corning’s stock.
Analysts Adjust Price Targets for Owens Corning
Several brokerages have recently updated their price targets for Owens Corning. On November 6, 2023, Evercore ISI set a price objective of $121.00, while JPMorgan Chase & Co. lowered its target from $157.00 to $113.00, maintaining a “neutral” rating. Truist Financial also reduced its price target from $165.00 to $135.00 and assigned a “hold” rating. Vertical Research began coverage with a “hold” rating, and Jefferies Financial Group adjusted its price objective from $185.00 to $180.00, recommending a “buy” rating.
Overall, analysts have given Owens Corning a consensus rating of “Hold” with an average target price of $157.67. Ten analysts rated the stock as “Buy,” five as “Hold,” and two as “Sell,” according to data from MarketBeat.com.
Owens Corning’s Recent Financial Performance
On November 5, 2023, Owens Corning reported its quarterly earnings, revealing earnings per share (EPS) of $3.67, exceeding the consensus estimate of $3.64 by $0.03. The company recorded a net margin of 2.98% and a return on equity of 24.49%. Revenue for the quarter was $2.68 billion, slightly below analyst expectations of $2.71 billion, marking a 2.9% decline compared to the previous year.
The company has set guidance for Q4 2025 and analysts forecast Owens Corning will achieve an average EPS of $15.49 for the current year.
Owens Corning also announced a quarterly dividend of $0.69, which was paid on November 6, 2023. Shareholders of record on October 20, 2023 received the dividend, representing an annualized dividend of $2.76 and a yield of 2.4%. The ex-dividend date was also October 20. The company’s dividend payout ratio stands at -48.25%.
Owens Corning operates in the manufacturing and sales of building and construction materials across the globe, including the United States, Europe, and the Asia-Pacific region. The firm is divided into three segments: Roofing, Insulation, and Composites, producing various roofing materials and components for both residential and commercial applications.
