Algert Global LLC Acquires New Holdings 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 purchased a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 11,300 shares of the construction company's stock, valued at approximately $1,614,000.

Other large investors have also added to or reduced their stakes in the company. Wayfinding Financial LLC acquired a new stake in Owens Corning during the 1st quarter valued at $60,000. Archer Investment Corp grew its holdings 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 in the last quarter. Bayforest Capital Ltd acquired a new stake in Owens Corning during the 1st quarter valued at $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Owens Corning by 13.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after purchasing an additional 85 shares in the last quarter. Finally, Coppell Advisory Solutions LLC grew its holdings in Owens Corning by 101.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 763 shares of the construction company's stock valued at $129,000 after purchasing an additional 384 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Shares of Owens Corning stock traded up $0.22 during trading hours on Wednesday, reaching $153.23. The company's stock had a trading volume of 764,308 shares, compared to its average volume of 933,435. The company's 50 day simple moving average is $144.18 and its 200 day simple moving average is $144.44. 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 one year low of $123.40 and a one year high of $214.53. The stock has a market cap of $12.81 billion, a P/E ratio of 39.80, a price-to-earnings-growth ratio of 10.94 and a beta of 1.32.

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

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

Owens Corning Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have weighed in on OC shares. Evercore ISI raised their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Royal Bank Of Canada decreased their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Loop Capital decreased their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, Wells Fargo & Company raised their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average 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.