Brandywine Global Investment Management LLC Sells 4,578 Shares of Owens Corning Inc (NYSE:OC)

Key Points

• Brandywine Global Investment Management LLC has decreased its holdings in Owens Corning by 6.8%, selling 4,578 shares and retaining approximately 62,905 shares valued at $8.98 million.
• Owens Corning reported earnings of $4.21 per share in its latest quarter, exceeding estimates, with a revenue of $2.75 billion, which is a 10% increase compared to the same quarter last year.
• The company declared a quarterly dividend of $0.69, resulting in an annualized dividend of $2.76 and a yield of 1.8%, with a payout ratio of 71.69%.

Brandywine Global Investment Management LLC cut its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 6.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,905 shares of the construction company's stock after selling 4,578 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.07% of Owens Corning worth $8,984,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of OC. Vanguard Group Inc. grew its position in shares of Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after purchasing an additional 1,053,855 shares in the last quarter. Nuveen LLC purchased a new position in shares of Owens Corning during the first quarter valued at about $91,698,000. Price T Rowe Associates Inc. MD grew its position in shares of Owens Corning by 41.1% during the fourth 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 purchasing an additional 414,770 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Owens Corning during the fourth quarter valued at about $51,400,000. Finally, KBC Group NV grew its position in shares of Owens Corning by 75.2% during the first quarter. KBC Group NV now owns 634,783 shares of the construction company's stock valued at $90,659,000 after purchasing an additional 272,367 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Down 1.1%

Shares of NYSE OC opened at $150.20 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The company has a market cap of $12.56 billion, a P/E ratio of 39.01, a PEG ratio of 10.87 and a beta of 1.32. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The firm has a 50-day simple moving average of $141.63 and a two-hundred day simple moving average of $145.92.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.41. The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm's quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm earned $4.64 earnings per share. Research analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

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

Owens Corning announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. UBS Group cut their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Royal Bank Of Canada cut their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Barclays lifted their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Finally, Evercore ISI lifted their price target on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently 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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.