AlphaQuest LLC Increases Stock Position in Owens Corning Inc $OC

Key Points

• AlphaQuest LLC increased its stake in Owens Corning Inc by 145.4%, acquiring an additional 7,173 shares, bringing its total holdings to 12,106 shares worth approximately $1.73 million.
• Owens Corning reported earnings of $4.21 per share for the last quarter, exceeding analysts' expectations of $3.80, with a quarterly revenue of $2.75 billion.
• The company announced a quarterly dividend of $0.69 per share, representing an annualized yield of 1.8%, and it also has a share buyback plan to repurchase 12 million shares.

AlphaQuest LLC grew its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 145.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,106 shares of the construction company's stock after purchasing an additional 7,173 shares during the quarter. AlphaQuest LLC's holdings in Owens Corning were worth $1,729,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wayfinding Financial LLC bought a new stake in shares of Owens Corning in the 1st quarter worth approximately $60,000. Archer Investment Corp boosted its holdings in Owens Corning by 17.9% in the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after acquiring an additional 100 shares in the last quarter. Bayforest Capital Ltd purchased a new position in shares of Owens Corning in the first quarter worth $100,000. Palouse Capital Management Inc. increased its position in Owens Corning by 50.0% during the first quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock valued at $112,000 after acquiring an additional 262 shares during the last quarter. Finally, Brooklyn Investment Group increased its position in Owens Corning by 260.8% during the first quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock valued at $112,000 after acquiring an additional 566 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

Owens Corning stock traded down $2.19 during trading hours on Monday, hitting $153.57. 675,369 shares of the stock traded hands, compared to its average volume of 922,910. The stock has a market capitalization of $12.84 billion, a price-to-earnings ratio of 39.89, a P/E/G ratio of 11.13 and a beta of 1.32. The firm's 50 day moving average price is $143.31 and its 200-day moving average price is $144.32. 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.

Owens Corning (NYSE:OC - Get Free Report) last released 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. 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 during the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter in the prior year, the firm posted $4.64 EPS. Owens Corning's quarterly revenue was up 10.0% compared to the same quarter last year. As a group, equities analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning announced that its Board of Directors has authorized a share buyback plan 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. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

Owens Corning Dividend Announcement

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

Wall Street Analysts Forecast Growth

OC has been the subject of a number of analyst reports. Barclays upped their price target on 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 upped their price objective on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Royal Bank Of Canada decreased their price objective 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. UBS Group decreased their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Finally, Loop Capital decreased their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Owens Corning 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.