3Chopt Investment Partners LLC Purchases New Position in Owens Corning Inc (NYSE:OC)

3Chopt Investment Partners LLC purchased a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,564 shares of the construction company's stock, valued at approximately $655,000.

Several other large investors have also recently modified their holdings of the business. Norges Bank acquired a new position in shares of Owens Corning in the fourth quarter worth approximately $208,519,000. Price T Rowe Associates Inc. MD raised its holdings in Owens Corning by 41.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after purchasing an additional 414,770 shares during the last quarter. Raiffeisen Bank International AG acquired a new position in shares of Owens Corning in the 4th quarter worth approximately $51,400,000. Raymond James Financial Inc. acquired a new position in shares of Owens Corning in the 4th quarter worth approximately $51,220,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Owens Corning in the 4th quarter valued at $41,252,000. Institutional investors own 88.40% of the company's stock.

Wall Street Analyst Weigh In

OC has been the subject of a number of analyst reports. UBS Group lowered their target price on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wells Fargo & Company increased their price target on Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Evercore ISI set a $165.00 price objective on Owens Corning in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a research note on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their price target on Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Owens Corning has an average rating of "Moderate Buy" and a consensus price target of $183.80.

Owens Corning Stock Up 0.6%

Owens Corning stock traded up $0.85 during midday trading on Friday, reaching $138.08. The stock had a trading volume of 922,204 shares, compared to its average volume of 861,944. The company has a fifty day moving average price of $138.06 and a two-hundred day moving average price of $154.33. Owens Corning Inc has a 12 month low of $123.41 and a 12 month high of $214.53. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $11.74 billion, a P/E ratio of 48.62, a PEG ratio of 3.62 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the previous year, the company posted $3.40 earnings per share. The company's quarterly revenue was up 25.4% on a year-over-year basis. As a group, equities analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning declared that its board has authorized a share repurchase plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Monday, July 21st will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 2.00%. Owens Corning's dividend payout ratio (DPR) is presently 97.18%.

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.