Algert Global LLC Acquires New Shares in Owens Corning Inc $OC

Key Points

• Algert Global LLC has acquired 11,300 new shares of Owens Corning Inc in the first quarter, valued at approximately $1,614,000.
• Owens Corning recently reported earnings of $4.21 per share, exceeding analysts’ expectations, along with a 10% year-over-year revenue increase to $2.75 billion.
• The company has initiated a stock buyback program allowing the repurchase of 12 million shares, indicating that the board believes the stock is currently undervalued.

Algert Global LLC acquired a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,300 shares of the construction company's stock, valued at approximately $1,614,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OC. Bank Pictet & Cie Europe AG acquired a new position in Owens Corning during the 4th quarter valued at approximately $28,651,000. Mariner LLC boosted its position in Owens Corning by 5.5% during the 4th quarter. Mariner LLC now owns 6,885 shares of the construction company's stock valued at $1,173,000 after purchasing an additional 362 shares during the period. MML Investors Services LLC boosted its position in Owens Corning by 11.6% during the 4th quarter. MML Investors Services LLC now owns 11,960 shares of the construction company's stock valued at $2,037,000 after purchasing an additional 1,244 shares during the period. Tower Research Capital LLC TRC boosted its position in Owens Corning by 70.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,821 shares of the construction company's stock valued at $991,000 after purchasing an additional 2,405 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its position in Owens Corning by 39.0% during the 4th quarter. TD Waterhouse Canada Inc. now owns 6,148 shares of the construction company's stock valued at $1,048,000 after purchasing an additional 1,725 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Performance

OC opened at $148.2320 on Friday. The company has a market capitalization of $12.40 billion, a price-to-earnings ratio of 38.50, a price-to-earnings-growth ratio of 10.62 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The business has a 50 day moving average price of $142.54 and a two-hundred day moving average price of $145.21.

Owens Corning (NYSE:OC - Get Free Report) last released its 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 firm had revenue of $2.75 billion during 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 firm's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.64 earnings per share. Research analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Monday, July 21st. Owens Corning's dividend payout ratio is 71.69%.

Owens Corning declared that its board has initiated 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 reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Royal Bank Of Canada lowered their target price 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 raised their target price on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. Barclays raised their target price on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Wells Fargo & Company raised their target price on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Finally, Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Owens Corning has an average rating of "Moderate Buy" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.