Amundi Sells 60,186 Shares of Owens Corning Inc $OC

Key Points

• Amundi decreased its holdings in Owens Corning by 9.7%, selling 60,186 shares and now owning approximately 0.66% of the company's stock worth $79.1 million.
• Several other institutional investors, including OneDigital Investment Advisors and Moran Wealth Management, have increased their stakes in Owens Corning significantly during the first quarter.
• Owens Corning reported a quarterly earnings per share of $4.21, exceeding estimates, and announced a quarterly dividend of $0.69 per share, reflecting a 1.8% yield.

Amundi reduced its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 9.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 563,359 shares of the construction company's stock after selling 60,186 shares during the quarter. Amundi owned about 0.66% of Owens Corning worth $79,146,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. OneDigital Investment Advisors LLC grew its position in shares of Owens Corning by 33.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock worth $234,000 after buying an additional 409 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Owens Corning by 11.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock valued at $4,416,000 after purchasing an additional 3,298 shares during the period. Wedge Capital Management L L P NC lifted its stake in shares of Owens Corning by 32.0% in the 1st quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company's stock valued at $10,404,000 after purchasing an additional 17,660 shares during the period. Moran Wealth Management LLC lifted its stake in shares of Owens Corning by 31.4% in the 1st quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock valued at $20,076,000 after purchasing an additional 33,631 shares during the period. Finally, Unigestion Holding SA purchased a new position in shares of Owens Corning in the 1st quarter valued at approximately $2,921,000. 88.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OC. UBS Group lowered their target price 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. 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 note on Friday, August 8th. Royal Bank Of Canada lowered their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company lifted their price objective on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Stock Up 2.0%

OC stock opened at $155.44 on Friday. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The business has a fifty day moving average price of $146.38 and a 200-day moving average price of $142.91. 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 capitalization of $13.00 billion, a P/E ratio of 40.37, a P/E/G ratio of 11.02 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 for the quarter, topping the consensus estimate of $3.80 by $0.41. The firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company's revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.64 earnings per share. Equities analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business 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 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's payout ratio is currently 71.69%.

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

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.

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