ASR Vermogensbeheer N.V. Takes $4.23 Million Position in Owens Corning Inc (NYSE:OC)

Key Points

• ASR Vermogensbeheer N.V. has acquired a stake in Owens Corning Inc, investing approximately $4.23 million for 29,608 shares during the first quarter.
• Owens Corning reported earnings of $4.21 per share, exceeding analysts' estimates, with quarterly revenue of $2.75 billion, showing a year-over-year increase of 10%.
• The company has recently authorized a stock repurchase plan allowing the buyback of 12 million shares, indicating a belief that its shares are undervalued.

ASR Vermogensbeheer N.V. bought a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 29,608 shares of the construction company's stock, valued at approximately $4,228,000.

Other hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. increased its holdings in Owens Corning by 45.5% in the 4th quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after acquiring an additional 106 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Owens Corning during the first quarter worth $60,000. Covestor Ltd increased its stake in shares of Owens Corning by 15.7% during the fourth quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after buying an additional 63 shares during the period. Archer Investment Corp grew its stake in Owens Corning by 17.9% in the first 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. Finally, Bayforest Capital Ltd purchased a new position in Owens Corning in the first quarter valued at about $100,000. Institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on OC. Wells Fargo & Company boosted their price target on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday. Royal Bank Of Canada lowered their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Loop Capital reduced their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Barclays increased 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. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $184.60.

Owens Corning Stock Down 2.2%

Shares of NYSE OC traded down $3.27 on Friday, hitting $143.90. The company had a trading volume of 778,124 shares, compared to its average volume of 815,397. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The business has a 50 day moving average of $140.16 and a two-hundred day moving average of $147.28. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $12.03 billion, a P/E ratio of 37.38, a PEG ratio of 3.80 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 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 company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter last year, the business posted $4.64 EPS. Owens Corning's quarterly revenue was up 10.0% compared to the same quarter last year. As a group, equities research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

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

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's dividend payout ratio (DPR) is 71.69%.

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.