Owens Corning Inc $OC Shares Purchased by Advisors Capital Management LLC

Key Points

• Advisors Capital Management LLC has increased its stake in Owens Corning Inc by 9.9%, owning approximately $6.49 million worth of shares as of the latest reporting period.
• Owens Corning reported a quarterly EPS of $4.21, surpassing analysts' expectations, with revenue reaching $2.75 billion, a 10% increase year-over-year.
• A number of analysts have adjusted their price targets for Owens Corning, with the average consensus rating classified as a "Moderate Buy" and a target price of $185.10.

Advisors Capital Management LLC lifted its position in Owens Corning Inc (NYSE:OC - Free Report) by 9.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,410 shares of the construction company's stock after acquiring an additional 4,096 shares during the period. Advisors Capital Management LLC owned 0.05% of Owens Corning worth $6,486,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. OneDigital Investment Advisors LLC boosted its stake in shares of Owens Corning by 33.3% in 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. boosted its stake in shares of 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 worth $4,416,000 after acquiring an additional 3,298 shares during the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of 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 worth $10,404,000 after acquiring an additional 17,660 shares during the last quarter. Moran Wealth Management LLC boosted its stake in shares of Owens Corning by 31.4% in the first quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock worth $20,076,000 after acquiring an additional 33,631 shares during the last quarter. Finally, Unigestion Holding SA purchased a new position in Owens Corning during the first quarter worth approximately $2,921,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Trading Up 0.1%

Shares of OC stock traded up $0.21 on Monday, hitting $152.49. The stock had a trading volume of 692,239 shares, compared to its average volume of 929,536. 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 capitalization of $12.75 billion, a P/E ratio of 39.61, a P/E/G ratio of 10.78 and a beta of 1.32. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The company's 50 day moving average price is $147.39 and its 200-day moving average price is $142.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company's quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.64 EPS. Analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were issued 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%.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of analyst reports. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Royal Bank Of Canada reduced their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. 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. Wells Fargo & Company lifted 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. Finally, UBS Group reduced their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and an average target price of $185.10.

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.