Widmann Financial Services Inc. Makes New Investment in Owens Corning Inc $OC

Key Points

• Widmann Financial Services Inc. acquired a new stake in Owens Corning, purchasing 1,816 shares valued at approximately $259,000 in the first quarter.
• Owens Corning reported a quarterly EPS of $4.21, surpassing analysts' expectations, with a revenue of $2.75 billion, a 10% increase year-over-year.
• The company declared a quarterly dividend of $0.69 per share, with an annualized dividend yield of 1.8%, and has authorized a buyback program allowing the repurchase of 12 million outstanding shares.

Widmann Financial Services Inc. bought a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,816 shares of the construction company's stock, valued at approximately $259,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in OC. Vanguard Group Inc. grew its position in shares of Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after purchasing an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Owens Corning by 67.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after purchasing an additional 957,295 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Owens Corning during the 1st quarter worth approximately $91,698,000. Raiffeisen Bank International AG acquired a new stake in shares of Owens Corning during the 4th quarter worth approximately $51,400,000. Finally, KBC Group NV boosted its position in shares of Owens Corning by 75.2% during the 1st quarter. KBC Group NV now owns 634,783 shares of the construction company's stock worth $90,659,000 after acquiring an additional 272,367 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. UBS Group reduced their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Evercore ISI increased their price target on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Royal Bank Of Canada reduced their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company increased their price target on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Trading Down 1.5%

Shares of OC stock traded down $2.30 during trading hours on Friday, hitting $150.11. 870,699 shares of the company's stock traded hands, compared to its average volume of 927,869. The stock's 50 day simple moving average is $144.61 and its 200 day simple moving average is $144.25. The stock has a market cap of $12.55 billion, a PE ratio of 38.99, a price-to-earnings-growth ratio of 10.93 and a beta of 1.32. Owens Corning Inc has a 12 month low of $123.40 and a 12 month high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.41. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The company's revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $4.64 earnings per share. On average, sell-side analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Owens Corning Dividend Announcement

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

Owens Corning Company 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.