Burney Co. Sells 18,077 Shares of Owens Corning Inc (NYSE:OC)

Burney Co. lowered its position in Owens Corning Inc (NYSE:OC - Free Report) by 58.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,893 shares of the construction company's stock after selling 18,077 shares during the period. Burney Co.'s holdings in Owens Corning were worth $1,841,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Owens Corning by 41.1% in 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 purchasing an additional 414,770 shares during the period. Norges Bank acquired a new stake in Owens Corning in the 4th quarter valued at approximately $208,519,000. Northern Trust Corp raised its position in Owens Corning by 27.4% in the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock valued at $164,335,000 after buying an additional 207,677 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Owens Corning by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock valued at $123,634,000 after acquiring an additional 5,819 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in Owens Corning by 20.7% during the 4th quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock worth $126,849,000 after acquiring an additional 127,785 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Performance

Owens Corning stock traded up $1.47 during trading hours on Friday, hitting $145.91. The company had a trading volume of 458,083 shares, compared to its average volume of 706,147. Owens Corning Inc has a one year low of $123.40 and a one year high of $214.53. The firm has a market cap of $12.41 billion, a PE ratio of 51.38, a PEG ratio of 3.81 and a beta of 1.33. The firm has a 50-day moving average of $138.96 and a 200 day moving average of $149.93. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. The company 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 quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.40 earnings per share. On average, sell-side analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.89%. Owens Corning's payout ratio is presently 97.18%.

Owens Corning announced that its board has initiated a share buyback plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on OC shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective on the stock. Barclays decreased their price objective on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Loop Capital reduced their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company boosted 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, July 8th. Finally, Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.