Ariel Investments LLC Invests $16.08 Million in Owens Corning Inc $OC

Key Points

• Ariel Investments LLC has invested approximately $16.08 million in Owens Corning Inc, acquiring 112,578 shares in the construction company during the first quarter.
• The stock of Owens Corning, which has a market capitalization of $12.51 billion, saw a recent earnings per share (EPS) of $4.21, exceeding analyst estimates by $0.41.
• Owens Corning has announced a quarterly dividend of $0.69, representing a 1.8% yield, and initiated a stock buyback program allowing for the repurchase of up to 12 million shares.

Ariel Investments LLC bought a new position in Owens Corning Inc (NYSE:OC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 112,578 shares of the construction company's stock, valued at approximately $16,078,000. Ariel Investments LLC owned 0.13% of Owens Corning as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wayfinding Financial LLC purchased a new stake in Owens Corning in the first quarter worth $60,000. Archer Investment Corp increased its stake 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 valued at $94,000 after buying an additional 100 shares during the period. Quarry LP increased its stake in shares of Owens Corning by 36.0% during the first quarter. Quarry LP now owns 676 shares of the construction company's stock valued at $97,000 after buying an additional 179 shares during the period. Bayforest Capital Ltd purchased a new position in shares of Owens Corning during the first quarter valued at $100,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Owens Corning by 13.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after buying an additional 85 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

NYSE:OC traded up $3.08 during trading hours on Friday, reaching $155.44. The company had a trading volume of 1,195,926 shares, compared to its average volume of 834,970. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The firm has a market cap of $13.00 billion, a PE ratio of 40.37, a price-to-earnings-growth ratio of 11.02 and a beta of 1.32. The business's 50 day moving average price is $146.38 and its 200-day moving average price is $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.

Owens Corning (NYSE:OC - Get Free Report) last announced 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. The company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.Owens Corning's revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the previous year, the company posted $4.64 earnings per share. Research analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

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

Owens Corning announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on OC. Barclays raised their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Evercore ISI raised their price objective on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. UBS Group dropped their price objective 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. Wells Fargo & Company raised their price target on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Finally, Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report 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. Based on data from MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and a consensus target price of $184.60.

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.