Owens Corning Inc $OC Shares Purchased by Ceredex Value Advisors LLC

Key Points

• Ceredex Value Advisors LLC increased its stake in Owens Corning Inc by 114.7%, acquiring a total of 238,500 shares valued at approximately $34 million.
• Owens Corning reported earnings of $4.21 per share, exceeding expectations of $3.80, with a revenue increase of 10% year-over-year to $2.75 billion.
• The company declared a quarterly dividend of $0.69 per share, reflecting an annualized yield of 1.8% and a payout ratio of 71.69%.

Ceredex Value Advisors LLC boosted its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 114.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 238,500 shares of the construction company's stock after acquiring an additional 127,400 shares during the period. Ceredex Value Advisors LLC owned about 0.28% of Owens Corning worth $34,063,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Vanguard Group Inc. grew its holdings in Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after acquiring an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Owens Corning by 67.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock valued at $339,930,000 after buying an additional 957,295 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Owens Corning during the first quarter valued at about $91,698,000. Raiffeisen Bank International AG purchased a new stake in shares of Owens Corning during the fourth quarter valued at about $51,400,000. Finally, KBC Group NV raised its position in shares of Owens Corning by 75.2% in the 1st quarter. KBC Group NV now owns 634,783 shares of the construction company's stock valued at $90,659,000 after purchasing an additional 272,367 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Price Performance

OC traded down $2.30 on Friday, hitting $150.11. 870,699 shares of the company's stock were exchanged, compared to its average volume of 944,346. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. 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 firm has a 50-day moving average price of $144.98 and a 200-day moving average price of $143.83. The stock has a market cap of $12.55 billion, a price-to-earnings ratio of 38.99, a P/E/G ratio of 10.73 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced its 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 for the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm's quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.64 EPS. As a group, equities analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning announced that its board has authorized a share buyback program on Wednesday, May 14th that permits the company to buyback 12,000,000 outstanding shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Owens Corning Announces Dividend

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

Analyst Upgrades and Downgrades

OC has been the subject of several research analyst reports. Evercore ISI increased their price objective 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. Royal Bank Of Canada cut their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Loop Capital cut their price target on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Wells Fargo & Company increased their price target on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Finally, UBS Group cut 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. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $184.60.

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.