2,602 Shares in Owens Corning Inc (NYSE:OC) Purchased by AIA Group Ltd

Key Points

• AIA Group Ltd acquired 2,602 shares of Owens Corning Inc, valued at approximately $372,000, marking a significant investment in the construction company during the first quarter.
• Owens Corning has received mixed ratings from analysts, with price targets ranging from $165.00 to $203.00, and an average target price of $184.60, suggesting potential upside.
• The company recently reported a quarterly earnings per share of $4.21, exceeding analysts' expectations, and announced a quarterly dividend of $0.69, indicating strong financial performance.

AIA Group Ltd purchased a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,602 shares of the construction company's stock, valued at approximately $372,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. CoreCap Advisors LLC grew its holdings in shares of Owens Corning by 3.3% in the fourth quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock worth $305,000 after acquiring an additional 57 shares during the period. NorthCrest Asset Manangement LLC grew its position in shares of Owens Corning by 0.6% during the first quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock worth $1,863,000 after purchasing an additional 74 shares in the last quarter. Menard Financial Group LLC boosted its stake in Owens Corning by 3.6% during the fourth quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock valued at $387,000 after buying an additional 80 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Owens Corning by 13.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after buying an additional 85 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of Owens Corning by 9.8% in the 1st quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock valued at $143,000 after purchasing an additional 89 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Down 1.1%

NYSE OC traded down $1.64 during trading on Friday, reaching $150.20. 475,892 shares of the company's stock were exchanged, compared to its average volume of 927,823. The stock has a market cap of $12.56 billion, a P/E ratio of 39.01, a price-to-earnings-growth ratio of 11.24 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The company has a 50 day moving average price of $141.33 and a two-hundred day moving average price of $146.49. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The business's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.64 EPS. On average, equities research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

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

Owens Corning Announces Dividend

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

Wall Street Analysts Forecast Growth

OC has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Evercore ISI boosted their target price 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. Loop Capital dropped their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada decreased their price objective 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, 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. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $184.60.

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.