Burns Matteson Capital Management LLC Acquires New Position in Owens Corning Inc (NYSE:OC)

Burns Matteson Capital Management LLC acquired a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,487 shares of the construction company's stock, valued at approximately $355,000.

Several other large investors have also recently made changes to their positions in OC. Allstate Corp acquired a new stake in Owens Corning during the 4th quarter worth approximately $425,000. Integrated Quantitative Investments LLC acquired a new stake in Owens Corning during the 4th quarter worth approximately $349,000. OneDigital Investment Advisors LLC lifted its holdings in Owens Corning by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock worth $234,000 after buying an additional 409 shares in the last quarter. Magnetar Financial LLC lifted its holdings in Owens Corning by 60.9% during the 4th 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 in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its position in shares of Owens Corning by 11.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock valued at $4,416,000 after purchasing an additional 3,298 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Performance

NYSE:OC traded down $1.61 during trading hours on Friday, reaching $140.08. 763,582 shares of the company's stock were exchanged, compared to its average volume of 862,209. The firm has a market capitalization of $11.91 billion, a price-to-earnings ratio of 49.32, a P/E/G ratio of 3.71 and a beta of 1.33. The company has a 50-day moving average of $138.84 and a 200 day moving average of $151.05. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. Owens Corning Inc has a 1-year low of $123.41 and a 1-year high of $214.53.

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

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

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Monday, July 21st. Owens Corning's dividend payout ratio (DPR) is 97.18%.

Analyst Ratings Changes

A number of brokerages have commented on OC. 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. Wells Fargo & Company increased their price objective on shares of Owens Corning from $160.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada dropped their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Evercore ISI set a $165.00 target price on shares of Owens Corning in a research report on Thursday, May 15th. Finally, Barclays dropped their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $184.30.

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.