Bank of New York Mellon Corp Buys 5,819 Shares of Owens Corning Inc (NYSE:OC)

Bank of New York Mellon Corp lifted its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 0.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 865,665 shares of the construction company's stock after acquiring an additional 5,819 shares during the period. Bank of New York Mellon Corp owned 1.01% of Owens Corning worth $123,634,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allstate Corp acquired a new stake in shares of Owens Corning during the 4th quarter worth about $425,000. Integrated Quantitative Investments LLC acquired a new position in Owens Corning during the fourth quarter worth approximately $349,000. Raymond James Financial Inc. acquired a new position in Owens Corning during the fourth quarter worth approximately $51,220,000. Twinbeech Capital LP acquired a new position in Owens Corning during the fourth quarter worth approximately $22,699,000. Finally, Magnetar Financial LLC increased its position in Owens Corning by 60.9% during the fourth quarter. Magnetar Financial LLC now owns 6,250 shares of the construction company's stock worth $1,064,000 after buying an additional 2,365 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on OC. Royal Bank Of Canada cut their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Barclays cut their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a research report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price target on the stock. Loop Capital dropped their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Evercore ISI set a $165.00 target price on Owens Corning in a report on Thursday, May 15th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $184.30.

Owens Corning Price Performance

NYSE OC traded down $2.63 during trading hours on Friday, reaching $147.60. 668,923 shares of the company's stock were exchanged, compared to its average volume of 866,092. The stock has a market cap of $12.55 billion, a PE ratio of 51.97, a price-to-earnings-growth ratio of 3.89 and a beta of 1.33. Owens Corning Inc has a one year low of $123.41 and a one year high of $214.53. The firm has a fifty day moving average of $138.56 and a 200-day moving average of $151.72. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly 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. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The firm's revenue was up 25.4% on a year-over-year basis. During the same period last year, the company earned $3.40 EPS. On average, equities research analysts predict 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 program on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Owens Corning Announces Dividend

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 given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning's dividend payout ratio is currently 97.18%.

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.