Charles Schwab Investment Management Inc. Purchases 8,834 Shares of Owens Corning Inc (NYSE:OC)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Owens Corning by 1.5%, owning approximately $85.52 million worth of shares as of the latest SEC filing.
• Other major institutional investors, including Vanguard Group Inc. and Price T Rowe Associates Inc., have significantly increased their stakes in Owens Corning, reflecting strong institutional interest as they collectively own 88.40% of the company's stock.
• Owens Corning recently reported strong quarterly earnings, with earnings per share (EPS) of $4.21, exceeding analysts' expectations and showing a 10% increase in revenue compared to the same period last year.

Charles Schwab Investment Management Inc. lifted its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 598,764 shares of the construction company's stock after acquiring an additional 8,834 shares during the period. Charles Schwab Investment Management Inc. owned 0.70% of Owens Corning worth $85,515,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of OC. Vanguard Group Inc. raised its holdings in Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after buying an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Owens Corning by 41.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after buying an additional 414,770 shares during the period. Raiffeisen Bank International AG purchased a new stake in shares of Owens Corning during the fourth quarter valued at approximately $51,400,000. Raymond James Financial Inc. purchased a new stake in shares of Owens Corning during the fourth quarter valued at approximately $51,220,000. Finally, KBC Group NV raised its stake in shares of Owens Corning by 75.2% during the first 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 period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of OC stock traded down $1.64 during trading hours on Friday, reaching $150.20. 475,892 shares of the company's stock were exchanged, compared to its average volume of 865,782. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The stock has a market capitalization of $12.56 billion, a P/E ratio of 39.01, a P/E/G ratio of 10.87 and a beta of 1.32. The business has a fifty day moving average price of $141.63 and a 200-day moving average price of $145.92. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results 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 return on equity of 24.49% and a net margin of 2.98%. The company had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter in the prior year, the business earned $4.64 earnings per share. The business's revenue for the quarter was up 10.0% on a year-over-year basis. Analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were given a dividend of $0.69 per share. 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 1.8%. Owens Corning's dividend payout ratio (DPR) is currently 71.69%.

Owens Corning declared that its board has authorized a share buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently issued reports on OC. Evercore ISI lifted 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 note 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. 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. 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. Finally, Barclays raised their price target on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and an average 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.