Ballentine Partners LLC Sells 4,080 Shares of Owens Corning Inc (NYSE:OC)

Ballentine Partners LLC decreased its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 68.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,921 shares of the construction company's stock after selling 4,080 shares during the quarter. Ballentine Partners LLC's holdings in Owens Corning were worth $274,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Owens Corning in the 4th quarter worth approximately $208,519,000. Price T Rowe Associates Inc. MD raised its holdings in Owens Corning by 41.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after acquiring an additional 414,770 shares during the period. Raiffeisen Bank International AG bought a new stake in Owens Corning during the 4th quarter valued at $51,400,000. Raymond James Financial Inc. bought a new position in shares of Owens Corning in the fourth quarter worth $51,220,000. Finally, KBC Group NV increased its holdings in shares of Owens Corning by 75.2% in the first quarter. KBC Group NV now owns 634,783 shares of the construction company's stock worth $90,659,000 after purchasing an additional 272,367 shares during the period. Institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of OC opened at $140.66 on Thursday. Owens Corning Inc has a twelve month low of $123.41 and a twelve month high of $214.53. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. The firm has a 50 day moving average of $138.72 and a 200 day moving average of $151.25. The company has a market capitalization of $11.96 billion, a P/E ratio of 49.53, a price-to-earnings-growth ratio of 3.71 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The company had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter last year, the company posted $3.40 earnings per share. The firm's quarterly revenue was up 25.4% on a year-over-year basis. As a group, equities research analysts anticipate 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 initiated a share repurchase plan on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.96%. The ex-dividend date is Monday, July 21st. Owens Corning's dividend payout ratio is currently 97.18%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Royal Bank Of Canada reduced their target price on Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price for the company. Loop Capital lowered their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company raised their price objective on shares of Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $184.30.

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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