Strs Ohio Takes $1.54 Million Position in Owens Corning Inc $OC

Key Points

• Strs Ohio has acquired 10,776 shares of Owens Corning Inc., valued at approximately $1.54 million, as part of its investment strategy in the first quarter.
• Owens Corning's latest earnings report showed an EPS of $4.21, exceeding estimates by 41 cents, with revenue reaching $2.75 billion.
• The company recently announced a quarterly dividend of $0.69 per share, equating to an annual yield of 1.8%, reflecting a payout ratio of 71.69%.

Strs Ohio bought a new position in Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 10,776 shares of the construction company's stock, valued at approximately $1,539,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after buying an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Owens Corning by 67.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after acquiring an additional 957,295 shares during the period. LSV Asset Management boosted its position in Owens Corning by 1.9% during the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock worth $210,812,000 after purchasing an additional 27,185 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Owens Corning by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after purchasing an additional 5,819 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Owens Corning by 179.0% in the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock valued at $123,287,000 after acquiring an additional 553,864 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Down 1.4%

Shares of OC stock traded down $2.14 on Friday, hitting $145.45. The company's stock had a trading volume of 1,885,632 shares, compared to its average volume of 972,789. The stock has a market capitalization of $12.16 billion, a price-to-earnings ratio of 37.78, a P/E/G ratio of 10.45 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The firm's fifty day moving average price is $147.56 and its 200-day moving average price is $142.60.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating 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 business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same quarter in the prior year, the business earned $4.64 earnings per share. The firm's revenue for the quarter was up 10.0% on a year-over-year basis. Research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a yield of 1.9%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Evercore ISI lifted their price objective on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Barclays upped their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Wells Fargo & Company upped their price objective on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. Royal Bank Of Canada reduced their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Finally, 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 research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $185.10.

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.