Ameriprise Financial Inc. Has $108.13 Million Stock Holdings in Owens Corning Inc $OC

Key Points

• Ameriprise Financial Inc. has reduced its holdings in Owens Corning Inc. by 5.9%, now owning approximately $108.13 million worth of the stock.
• Owens Corning reported an EPS of $4.21 for the most recent quarter, exceeding the consensus estimate of $3.80.
• The company has authorized a stock buyback program permitting the repurchase of 12 million shares, signaling management's belief that the stock is undervalued.

Ameriprise Financial Inc. decreased its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 757,050 shares of the construction company's stock after selling 47,879 shares during the quarter. Ameriprise Financial Inc. owned about 0.89% of Owens Corning worth $108,134,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in OC. Wayfinding Financial LLC bought a new stake in shares of Owens Corning in the first quarter valued at approximately $60,000. Archer Investment Corp boosted its holdings in 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 period. Bayforest Capital Ltd acquired a new stake in Owens Corning in the 1st quarter worth $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 purchasing an additional 262 shares during the period. Finally, Brooklyn Investment Group increased its holdings in shares of Owens Corning by 260.8% during the 1st quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock worth $112,000 after purchasing an additional 566 shares during the period. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $155.6950 on Monday. The business's fifty day moving average price is $142.97 and its two-hundred day moving average price is $144.51. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The stock has a market capitalization of $13.02 billion, a price-to-earnings ratio of 40.44, a price-to-earnings-growth ratio of 11.13 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 (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating 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 company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the company earned $4.64 EPS. The firm's revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning announced that its board has authorized a stock buyback program on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's management believes its stock is undervalued.

Owens Corning Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. UBS Group decreased their target price on 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 decreased their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Barclays upped their target price on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Royal Bank Of Canada reduced their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Finally, Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus 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.

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