Corient IA LLC Purchases New Stake in Owens Corning Inc (NYSE:OC)

Corient IA LLC purchased a new stake in Owens Corning Inc (NYSE:OC) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 4,000 shares of the construction company’s stock, valued at approximately $571,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its holdings in shares of Owens Corning by 6.9% during the first quarter. American Century Companies Inc. now owns 271,186 shares of the construction company’s stock worth $38,731,000 after purchasing an additional 17,576 shares during the period. Cookson Peirce & Co. Inc. raised its holdings in shares of Owens Corning by 10.5% during the first quarter. Cookson Peirce & Co. Inc. now owns 5,912 shares of the construction company’s stock worth $844,000 after purchasing an additional 561 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in shares of Owens Corning by 11.2% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 11,904 shares of the construction company’s stock worth $1,700,000 after purchasing an additional 1,200 shares during the period. LGT Group Foundation raised its holdings in shares of Owens Corning by 106.8% during the first quarter. LGT Group Foundation now owns 474,224 shares of the construction company’s stock worth $67,729,000 after purchasing an additional 244,927 shares during the period. Finally, LGT Fund Management Co Ltd. raised its holdings in shares of Owens Corning by 22.4% during the first quarter. LGT Fund Management Co Ltd. now owns 7,655 shares of the construction company’s stock worth $1,093,000 after purchasing an additional 1,400 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on OC shares. Evercore ISI increased their target price on shares of Owens Corning from $165.00 to $169.00 and gave the stock an “in-line” rating in a report on Friday, August 8th. Barclays increased their target price on shares of Owens Corning from $167.00 to $173.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Loop Capital dropped their target price on shares of Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. UBS Group dropped their price objective on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Finally, Wolfe Research raised shares of Owens Corning from a “peer perform” rating to an “outperform” rating in a report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $184.60.

Owens Corning Trading Down 1.1%

Shares of Owens Corning stock opened at $150.20 on Friday. The company’s fifty day simple moving average is $141.63 and its 200-day simple moving average is $145.92. The company has a market cap of $12.56 billion, a price-to-earnings ratio of 39.01, a PEG ratio of 10.87 and a beta of 1.32. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the company earned $4.64 earnings per share. The business’s revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Monday, July 21st. Owens Corning’s payout ratio is currently 71.69%.

Owens Corning announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

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.