Candriam S.C.A. Increases Holdings in Owens Corning Inc $OC

Key Points

• Candriam S.C.A. increased its stake in Owens Corning Inc by 30.7%, owning approximately 220,712 shares valued at around $31.52 million.
• Owens Corning reported quarterly earnings of $4.21 EPS, exceeding analyst expectations, as revenue increased by 10% year-over-year to $2.75 billion.
• The company has announced a stock repurchase plan allowing for the repurchase of 12 million shares, indicating that the board believes its shares are undervalued.

Candriam S.C.A. raised its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 30.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 220,712 shares of the construction company's stock after buying an additional 51,821 shares during the period. Candriam S.C.A. owned about 0.26% of Owens Corning worth $31,522,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of OC. Wayfinding Financial LLC bought a new stake in shares of Owens Corning during the 1st quarter valued at $60,000. Archer Investment Corp grew its position in shares of 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 acquiring an additional 100 shares during the period. Bayforest Capital Ltd bought a new stake in shares of Owens Corning during the 1st quarter valued at $100,000. Palouse Capital Management Inc. grew its position in shares of Owens Corning by 50.0% during the 1st quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock valued at $112,000 after acquiring an additional 262 shares during the period. Finally, Brooklyn Investment Group grew its position in shares of Owens Corning by 260.8% during the 1st quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock valued at $112,000 after acquiring an additional 566 shares during the period. Institutional investors own 88.40% of the company's stock.

Owens Corning Trading Up 1.7%

NYSE:OC opened at $152.3860 on Wednesday. Owens Corning Inc has a 12 month low of $123.40 and a 12 month high of $214.53. The firm has a fifty day simple moving average of $142.14 and a 200-day simple moving average of $145.41. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $12.74 billion, a P/E ratio of 39.58, a PEG ratio of 10.71 and a beta of 1.32.

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

Owens Corning announced that its board has approved a stock repurchase plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Owens Corning Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. UBS Group dropped their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Wells Fargo & Company upped their target price on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Evercore ISI upped their target price on shares of Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. Finally, Royal Bank Of Canada reduced their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Owens Corning 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.

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