Cetera Investment Advisers Cuts Holdings in Owens Corning Inc (NYSE:OC)

Key Points

• Cetera Investment Advisers reduced its stake in Owens Corning by 22.9%, selling 5,133 shares and holding 17,316 shares valued at approximately $2.47 million.
• Owens Corning reported better-than-expected quarterly earnings of $4.21 EPS, exceeding analysts' forecast of $3.80, alongside a 10% revenue growth year-over-year.
• The company announced a quarterly dividend of $0.69 per share, representing a 1.9% yield, while its board approved a stock repurchase plan for up to 12 million shares.

Cetera Investment Advisers trimmed its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 22.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,316 shares of the construction company's stock after selling 5,133 shares during the quarter. Cetera Investment Advisers' holdings in Owens Corning were worth $2,473,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. CoreCap Advisors LLC grew its holdings in Owens Corning by 3.3% in the fourth quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock valued at $305,000 after purchasing an additional 57 shares during the period. Covestor Ltd increased its stake in shares of Owens Corning by 15.7% in the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after acquiring an additional 63 shares during the last quarter. NorthCrest Asset Manangement LLC grew its stake in shares of Owens Corning by 0.6% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock valued at $1,863,000 after buying an additional 74 shares during the period. Menard Financial Group LLC lifted its holdings in Owens Corning by 3.6% in the fourth quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock valued at $387,000 after acquiring an additional 80 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Owens Corning by 13.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after purchasing an additional 85 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OC has been the topic of a number of research reports. Barclays upped their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday. Evercore ISI increased 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 note on Friday. Loop Capital reduced their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. UBS Group decreased their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday. Finally, Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Price Performance

Shares of NYSE OC traded down $3.27 during midday trading on Friday, hitting $143.90. The company had a trading volume of 778,124 shares, compared to its average volume of 931,641. The firm has a market capitalization of $12.24 billion, a price-to-earnings ratio of 37.38, a price-to-earnings-growth ratio of 3.90 and a beta of 1.32. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The business has a 50-day simple moving average of $139.96 and a two-hundred day simple moving average of $147.86. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating 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 firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. During the same period last year, the firm posted $4.64 EPS. The firm's revenue for the quarter was up 10.0% on a year-over-year basis. Equities research analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders 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 dividend yield of 1.9%. Owens Corning's payout ratio is currently 71.69%.

Owens Corning declared that its board has approved a share buyback plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

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.