American Century Companies Inc. Grows Stock Position in Owens Corning Inc $OC

Key Points

• American Century Companies Inc. increased its stake in Owens Corning Inc by 6.9% during the first quarter, owning 271,186 shares worth approximately $38.7 million.
• Owens Corning reported earnings of $4.21 per share for the last quarter, surpassing analysts' estimates of $3.80 and indicating a 10% increase in revenue compared to the same quarter last year.
• The company also declared a quarterly dividend of $0.69 per share, reflecting a 1.9% dividend yield and a payout ratio of 71.69%.

American Century Companies Inc. raised its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 6.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 271,186 shares of the construction company's stock after buying an additional 17,576 shares during the quarter. American Century Companies Inc. owned approximately 0.32% of Owens Corning worth $38,731,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Wayfinding Financial LLC purchased a new stake in Owens Corning in the first quarter valued at approximately $60,000. Archer Investment Corp boosted its holdings in shares of Owens Corning by 17.9% in 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. Bayforest Capital Ltd purchased a new stake in shares of Owens Corning during the 1st quarter valued at $100,000. Palouse Capital Management Inc. increased its holdings in shares of Owens Corning by 50.0% during the 1st quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock worth $112,000 after buying an additional 262 shares during the last quarter. Finally, Allworth Financial LP raised its position in shares of Owens Corning by 86.6% in the 1st quarter. Allworth Financial LP now owns 819 shares of the construction company's stock worth $118,000 after buying an additional 380 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

NYSE:OC opened at $148.6690 on Thursday. The firm has a 50-day moving average of $142.35 and a two-hundred day moving average of $145.44. 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 stock has a market cap of $12.43 billion, a P/E ratio of 38.62, a PEG ratio of 10.89 and a beta of 1.32. 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 announced its 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 return on equity of 24.49% and a net margin of 2.98%.The business had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same period in the previous year, the company earned $4.64 earnings per share. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. On average, research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm 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 dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's dividend payout ratio is presently 71.69%.

Owens Corning announced that its board has authorized a share repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on OC shares. Loop Capital lowered their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Barclays boosted their target price on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Wells Fargo & Company raised their price target on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Evercore ISI boosted their price objective 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. Finally, Royal Bank Of Canada decreased their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.

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