BI Asset Management Fondsmaeglerselskab A S Reduces Stake in Owens Corning Inc $OC

Key Points

• BI Asset Management Fondsmaeglerselskab A S reduced its stake in Owens Corning Inc by 5.7% during the 1st quarter, owning 66,893 shares worth approximately $9.55 million.
• Several institutional investors, including Vanguard Group Inc and Price T Rowe Associates Inc., have increased their stakes in Owens Corning, demonstrating continued interest in the company.
• Owens Corning reported a strong quarterly earnings beat with $4.21 EPS, exceeding estimates, and declared a quarterly dividend of $0.69 per share, reflecting confidence in its financial health.

BI Asset Management Fondsmaeglerselskab A S reduced its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,893 shares of the construction company's stock after selling 4,024 shares during the period. BI Asset Management Fondsmaeglerselskab A S owned about 0.08% of Owens Corning worth $9,554,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Wayfinding Financial LLC acquired a new position in shares of Owens Corning in the 1st quarter worth approximately $60,000. Archer Investment Corp raised its stake in Owens Corning by 17.9% during the 1st 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. Bayforest Capital Ltd acquired a new position in Owens Corning during the 1st quarter valued at $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Owens Corning by 13.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after purchasing an additional 85 shares during the last quarter. Finally, Coppell Advisory Solutions LLC raised its stake in shares of Owens Corning by 101.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 763 shares of the construction company's stock valued at $129,000 after buying an additional 384 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Up 4.8%

Shares of NYSE:OC traded up $7.1850 during trading on Friday, reaching $155.6950. 2,137,163 shares of the stock were exchanged, compared to its average volume of 838,952. 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 Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The stock has a fifty day moving average of $142.97 and a two-hundred day moving average of $145.04. The firm has a market cap of $13.02 billion, a price-to-earnings ratio of 40.44, a price-to-earnings-growth ratio of 10.61 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share 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 analyst estimates of $2.70 billion. During the same period in the prior year, the firm earned $4.64 earnings per share. Owens Corning's revenue for the quarter was up 10.0% on a year-over-year basis. Research analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 14th that permits the company to buyback 12,000,000 outstanding shares. This buyback authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Monday, July 21st. Owens Corning's dividend payout ratio is 71.69%.

Analysts Set New Price Targets

Several brokerages recently issued reports on OC. Evercore ISI upped their price target on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Barclays increased their target price on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Wells Fargo & Company increased their target price on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Loop Capital decreased their price target on shares of 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, Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.