Bank of New York Mellon Corp Boosts Stock Position in Owens Corning Inc (NYSE:OC)

Bank of New York Mellon Corp raised its position in Owens Corning Inc (NYSE:OC - Free Report) by 0.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 865,665 shares of the construction company's stock after buying an additional 5,819 shares during the quarter. Bank of New York Mellon Corp owned about 1.01% of Owens Corning worth $123,634,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Assetmark Inc. increased its stake in shares of Owens Corning by 195.1% during the 4th quarter. Assetmark Inc. now owns 239 shares of the construction company's stock valued at $41,000 after acquiring an additional 158 shares during the last quarter. Bessemer Group Inc. grew its position in Owens Corning by 45.5% in the fourth quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock valued at $57,000 after acquiring an additional 106 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Owens Corning during the 1st quarter valued at approximately $60,000. Covestor Ltd boosted its stake in shares of Owens Corning by 15.7% during the 4th 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 last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 worth $125,000 after purchasing an additional 85 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on OC shares. Evercore ISI set a $165.00 target price on shares of Owens Corning in a research note on Thursday, May 15th. Royal Bank Of Canada reduced their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 target price for the company. Wells Fargo & Company lifted their price target on Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. 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, the company has a consensus rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Stock Performance

NYSE OC traded down $2.63 on Friday, reaching $147.60. The stock had a trading volume of 668,922 shares, compared to its average volume of 864,769. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The firm has a fifty day moving average of $138.56 and a two-hundred day moving average of $152.02. Owens Corning Inc has a 1-year low of $123.41 and a 1-year high of $214.53. The company has a market cap of $12.55 billion, a P/E ratio of 51.97, a price-to-earnings-growth ratio of 3.89 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. Owens Corning's revenue for the quarter was up 25.4% on a year-over-year basis. During the same period in the prior year, the company earned $3.40 EPS. On average, equities research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning announced that its board has approved a stock repurchase program 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 programs are typically a sign that the company's board of directors believes its stock is undervalued.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 annualized dividend and a dividend yield of 1.87%. Owens Corning's payout ratio is 97.18%.

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.