AIA Group Ltd Makes New $372,000 Investment in Owens Corning Inc (NYSE:OC)

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 Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,602 shares of the construction company's stock, valued at approximately $372,000.

Several other institutional investors have also recently made changes to their positions in OC. Vanguard Group Inc. increased its stake in shares of Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after purchasing an additional 1,053,855 shares in the last quarter. Nuveen LLC purchased a new stake in Owens Corning in the 1st quarter valued at about $91,698,000. Price T Rowe Associates Inc. MD increased its stake 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 valued at $242,337,000 after purchasing an additional 414,770 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Owens Corning during the fourth quarter worth $51,400,000. Finally, Raymond James Financial Inc. purchased a new position in Owens Corning during the fourth quarter valued at $51,220,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

NYSE:OC traded down $1.64 during mid-day trading on Friday, hitting $150.20. 475,892 shares of the stock were exchanged, compared to its average volume of 865,782. The firm's 50-day simple moving average is $141.63 and its 200 day simple moving average is $145.92. The stock has a market capitalization of $12.56 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 10.87 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. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53.

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

Owens Corning announced that its board has authorized a share repurchase plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Owens Corning Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OC. Evercore ISI lifted 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 note on Friday, August 8th. Royal Bank Of Canada reduced their target price on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Barclays increased their target price on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Wells Fargo & Company raised 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, UBS Group lowered their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $184.60.

About Owens Corning

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.