10,507 Shares in Owens Corning Inc $OC Purchased by Caxton Associates LLP

Key Points

• Caxton Associates LLP has acquired a new stake in Owens Corning Inc, purchasing 10,507 shares valued at approximately $1,501,000 in the first quarter.
• Owens Corning recently reported earnings of $4.21 per share for the quarter, exceeding analyst expectations and reflecting a 10% year-over-year revenue growth.
• A share repurchase program has been approved, allowing the company to buy back 12 million outstanding shares, indicating management's belief that the stock is undervalued.

Caxton Associates LLP bought a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 10,507 shares of the construction company's stock, valued at approximately $1,501,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. NorthCrest Asset Manangement LLC raised its position in shares of Owens Corning by 0.6% during the first quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock worth $1,863,000 after purchasing an additional 74 shares during the period. Menard Financial Group LLC grew its holdings in shares of Owens Corning by 3.6% during the fourth quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock valued at $387,000 after buying an additional 80 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Owens Corning by 13.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after buying an additional 85 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Owens Corning by 9.8% during the first quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock valued at $143,000 after buying an additional 89 shares in the last quarter. Finally, Archer Investment Corp grew its holdings in shares of Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after buying an additional 100 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Down 3.4%

Shares of OC traded down $5.33 during trading hours on Friday, hitting $152.36. 583,090 shares of the company were exchanged, compared to its average volume of 902,867. The company has a market cap of $12.74 billion, a PE ratio of 39.57, a PEG ratio of 11.17 and a beta of 1.32. The firm's 50 day moving average is $147.39 and its 200-day moving average is $142.67. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results 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 company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm's revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.64 EPS. On average, equities research analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OC. Evercore ISI lifted their price target on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. UBS Group lowered their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Barclays lifted their price target on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company lifted their price target on Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Owens Corning has a consensus rating of "Moderate Buy" and a consensus price target of $185.10.

About Owens Corning

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.