Edgestream Partners L.P. Purchases New Stake in Owens Corning Inc (NYSE:OC)

Edgestream Partners L.P. purchased a new position in shares of Owens Corning Inc (NYSE:OC) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,120 shares of the construction company’s stock, valued at approximately $2,017,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OC. Allstate Corp acquired a new position in Owens Corning in the fourth quarter worth approximately $425,000. Integrated Quantitative Investments LLC bought a new stake in shares of Owens Corning in the 4th quarter valued at about $349,000. OneDigital Investment Advisors LLC grew its position in shares of Owens Corning by 33.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company’s stock valued at $234,000 after purchasing an additional 409 shares during the period. Magnetar Financial LLC raised its stake in shares of Owens Corning by 60.9% during the 4th quarter. Magnetar Financial LLC now owns 6,250 shares of the construction company’s stock worth $1,064,000 after purchasing an additional 2,365 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its position in Owens Corning by 11.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company’s stock worth $4,416,000 after buying an additional 3,298 shares during the period. Institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Up 0.9%

Owens Corning stock opened at $141.85 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. The firm has a 50-day moving average price of $138.84 and a two-hundred day moving average price of $151.05. The firm has a market capitalization of $12.06 billion, a price-to-earnings ratio of 49.95, a PEG ratio of 3.71 and a beta of 1.33. Owens Corning Inc has a 52-week low of $123.41 and a 52-week high of $214.53.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the prior year, the firm earned $3.40 EPS. Owens Corning’s quarterly revenue was up 25.4% compared to the same quarter last year. Sell-side analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning declared that its board has approved a stock buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning’s dividend payout ratio is 97.18%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Royal Bank Of Canada cut their price objective on Owens Corning from $199.00 to $184.00 and set an “outperform” rating on the stock in a research note on Thursday, May 8th. Barclays decreased their target price on Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a research note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft assumed coverage on Owens Corning in a research report on Tuesday, April 1st. They set a “buy” rating and a $183.00 price target on the stock. Evercore ISI set a $165.00 target price on Owens Corning in a research note on Thursday, May 15th. Finally, Wells Fargo & Company lifted their price objective on Owens Corning from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and an average price target of $184.30.

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.