140 Summer Partners LP Makes New Investment in Owens Corning Inc $OC

Key Points

• 140 Summer Partners LP invested approximately **$46.87 million** in Owens Corning, purchasing **328,166 shares**, which now constitutes about **6%** of their portfolio.
• Owens Corning reported **$4.21 earnings per share** for the latest quarter, exceeding analysts' expectations of **$3.80**, with revenue of **$2.75 billion** versus predictions of **$2.70 billion**.
• Several analysts have raised their price targets for Owens Corning, with Barclays increasing its target from **$167 to $173** and Royal Bank of Canada lowering it from **$184 to $180**, highlighting a generally optimistic outlook for the stock.

140 Summer Partners LP bought a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 328,166 shares of the construction company's stock, valued at approximately $46,869,000. Owens Corning comprises approximately 6.0% of 140 Summer Partners LP's portfolio, making the stock its 8th biggest holding. 140 Summer Partners LP owned 0.39% of Owens Corning as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. OneDigital Investment Advisors LLC increased its position in shares of Owens Corning by 33.3% during the first quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock worth $234,000 after acquiring an additional 409 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Owens Corning by 11.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock valued at $4,416,000 after acquiring an additional 3,298 shares in the last quarter. Wedge Capital Management L L P NC raised its holdings in Owens Corning by 32.0% in the first quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company's stock valued at $10,404,000 after acquiring an additional 17,660 shares in the last quarter. Moran Wealth Management LLC raised its holdings in Owens Corning by 31.4% in the first quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock valued at $20,076,000 after acquiring an additional 33,631 shares in the last quarter. Finally, Eisler Capital Management Ltd. acquired a new stake in Owens Corning in the fourth quarter valued at $2,403,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. UBS Group cut their price target 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. Evercore ISI upped their price objective on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Barclays upped their price objective on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Wells Fargo & Company upped their price objective on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada lowered their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $184.60.

Owens Corning Price Performance

Shares of NYSE OC traded up $3.08 during mid-day trading on Friday, reaching $155.44. 1,195,926 shares of the company traded hands, compared to its average volume of 834,970. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The firm has a market cap of $13.00 billion, a PE ratio of 40.37, a price-to-earnings-growth ratio of 11.02 and a beta of 1.32. The stock has a fifty day simple moving average of $146.38 and a 200-day simple moving average of $142.91.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $2.70 billion. During the same period in the previous year, the business earned $4.64 earnings per share. Owens Corning's revenue for the quarter was up 10.0% compared to the same quarter last year. Equities research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

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

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Monday, July 21st. Owens Corning's dividend payout ratio is 71.69%.

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.