Aigen Investment Management LP Purchases 19,981 Shares of Owens Corning Inc (NYSE:OC)

Key Points

• Aigen Investment Management LP increased its holdings in Owens Corning Inc by 512.1% in Q1, bringing their total shares to 23,883 valued at approximately $3.41 million.
• Several institutional investors, including Vanguard Group and Price T Rowe Associates, also boosted their stakes in Owens Corning, reflecting strong institutional interest with 88.40% of the stock owned by such entities.
• Analysts have a consensus rating of "Moderate Buy" for Owens Corning, with target prices ranging from $165 to $218, suggesting continued optimism about the company's performance.

Aigen Investment Management LP grew its stake in Owens Corning Inc (NYSE:OC - Free Report) by 512.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,883 shares of the construction company's stock after purchasing an additional 19,981 shares during the quarter. Owens Corning comprises about 0.6% of Aigen Investment Management LP's holdings, making the stock its 26th biggest holding. Aigen Investment Management LP's holdings in Owens Corning were worth $3,411,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in OC. Bessemer Group Inc. grew its position in Owens Corning by 45.5% during the 4th quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock valued at $57,000 after purchasing an additional 106 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Owens Corning during the 1st quarter valued at about $60,000. Covestor Ltd grew its position in Owens Corning by 15.7% during the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after purchasing an additional 63 shares during the last quarter. Archer Investment Corp grew its position in Owens Corning by 17.9% during the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after purchasing an additional 100 shares during the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in Owens Corning during the 1st quarter valued at about $100,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

Shares of NYSE:OC traded up $7.53 during trading on Tuesday, hitting $149.52. The company's stock had a trading volume of 896,732 shares, compared to its average volume of 820,545. The company has a 50-day moving average of $140.62 and a 200-day moving average of $146.70. Owens Corning Inc has a 12 month low of $123.40 and a 12 month high of $214.53. 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 cap of $12.50 billion, a price-to-earnings ratio of 38.84, a P/E/G ratio of 10.33 and a beta of 1.32.

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

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

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were paid 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 dividend payout ratio is 71.69%.

Analysts Set New Price Targets

Several analysts recently commented on OC shares. UBS Group cut their price objective 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. Loop Capital cut their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company upped their target price on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Barclays upped their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada lowered their target price on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and a consensus target price of $184.60.

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.