5,737 Shares in Owens Corning Inc (NYSE:OC) Bought by CCM Investment Group LLC

Key Points

• CCM Investment Group LLC invested $818,000 to acquire 5,737 shares of Owens Corning Inc during the 1st quarter, indicating increased institutional interest in the company.
• Owens Corning reported earnings per share of $4.21 for its last quarter, beating estimates, with revenues of $2.75 billion, which is a 10% increase year-over-year.
• The company recently launched a share buyback program, authorizing the repurchase of up to 12 million shares, suggesting the board believes its stock is undervalued.

CCM Investment Group LLC purchased a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 5,737 shares of the construction company's stock, valued at approximately $818,000.

Several other hedge funds have also made changes to their positions in OC. Bessemer Group Inc. boosted its position in shares of Owens Corning by 45.5% during the 4th quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after purchasing an additional 106 shares during the period. Wayfinding Financial LLC purchased a new position in shares of Owens Corning during the 1st quarter worth approximately $60,000. Covestor Ltd boosted its position in shares of Owens Corning by 15.7% during the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after purchasing an additional 63 shares during the period. Archer Investment Corp boosted 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 worth $94,000 after purchasing an additional 100 shares during the period. Finally, Bayforest Capital Ltd purchased a new position in shares of Owens Corning during the 1st quarter worth approximately $100,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Down 0.6%

Shares of OC traded down $0.86 during midday trading on Friday, reaching $150.99. The stock had a trading volume of 151,086 shares, compared to its average volume of 925,684. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The company's fifty day simple moving average is $141.33 and its two-hundred day simple moving average is $146.49. The company has a market cap of $12.63 billion, a price-to-earnings ratio of 39.22, a PEG ratio of 11.24 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95.

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 for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $2.70 billion. During the same period last year, the business earned $4.64 EPS. The company's revenue was up 10.0% on a year-over-year basis. Equities research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

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

Owens Corning Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OC. Wells Fargo & Company increased their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. UBS Group decreased their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Evercore ISI raised their price target 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. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Finally, Loop Capital decreased their price target on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and a consensus target price of $184.60.

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.