Arete Wealth Advisors LLC Takes Position in Owens Corning Inc $OC

Key Points

• Arete Wealth Advisors LLC acquired a new stake in Owens Corning Inc, purchasing 4,201 shares valued at approximately $600,000 in the first quarter.
• Owens Corning reported $4.21 earnings per share for the last quarter, exceeding expectations and showing a 10% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.69 per share, resulting in an annualized yield of 1.8%, and has a share repurchase plan for up to 12 million shares.

Arete Wealth Advisors LLC acquired a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,201 shares of the construction company's stock, valued at approximately $600,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wayfinding Financial LLC purchased a new position in shares of Owens Corning during the first quarter worth about $60,000. Archer Investment Corp grew its holdings in shares of Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after buying an additional 100 shares during the last quarter. Quarry LP grew its holdings in shares of Owens Corning by 36.0% during the first quarter. Quarry LP now owns 676 shares of the construction company's stock worth $97,000 after buying an additional 179 shares during the last quarter. Bayforest Capital Ltd purchased a new position in shares of Owens Corning during the first quarter worth about $100,000. Finally, Palouse Capital Management Inc. grew its holdings in shares of Owens Corning by 50.0% during the first 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. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

NYSE:OC traded up $0.58 during mid-day trading on Monday, reaching $152.86. The stock had a trading volume of 147,948 shares, compared to its average volume of 926,295. The business has a 50 day simple moving average of $147.39 and a 200 day simple moving average of $142.53. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The firm has a market capitalization of $12.78 billion, a price-to-earnings ratio of 39.69, a PEG ratio of 10.78 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, beating 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 during the quarter, compared to the consensus estimate of $2.70 billion. During the same period last year, the firm earned $4.64 EPS. The company's revenue for the quarter was up 10.0% on a year-over-year basis. On average, analysts expect 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. Stockholders of record on Monday, July 21st were given a dividend of $0.69 per share. 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%.

Analyst Upgrades and Downgrades

OC has been the topic of a number of research reports. Barclays raised their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Evercore ISI raised their price target on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. UBS Group reduced their price objective on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, Wells Fargo & Company raised their price objective on shares of Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a research report on Thursday. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $185.10.

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.