Cinctive Capital Management LP Acquires Shares of 1,663 Owens Corning Inc $OC

Key Points

• Cinctive Capital Management LP invested approximately $238,000 in Owens Corning Inc, acquiring 1,663 shares in the 1st quarter of this year.
• Several institutional investors, including CoreCap Advisors LLC and NorthCrest Asset Management LLC, have also increased their holdings in Owens Corning, indicating strong institutional interest in the company.
• Owens Corning reported $4.21 EPS for the latest quarter, exceeding estimates, and declared a quarterly dividend of $0.69 per share with a yield of 1.8%.

Cinctive Capital Management LP acquired a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,663 shares of the construction company's stock, valued at approximately $238,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OC. Vanguard Group Inc. grew its holdings in shares of 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 purchasing an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake 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 worth $339,930,000 after purchasing an additional 957,295 shares in the last quarter. LSV Asset Management increased its holdings in shares of Owens Corning by 1.9% in the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock valued at $210,812,000 after acquiring an additional 27,185 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Owens Corning by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock valued at $123,634,000 after purchasing an additional 5,819 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Owens Corning by 1.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 739,669 shares of the construction company's stock valued at $125,980,000 after buying an additional 12,394 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OC has been the topic of several research analyst reports. Barclays lifted their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Evercore ISI raised 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. Royal Bank Of Canada reduced their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. UBS Group dropped their price objective on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Finally, Wells Fargo & Company boosted their target price on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Stock Up 2.7%

Shares of OC stock traded up $4.06 during trading hours on Wednesday, reaching $153.18. The company had a trading volume of 1,091,792 shares, compared to its average volume of 929,130. The company has a market capitalization of $12.81 billion, a P/E ratio of 39.79, a price-to-earnings-growth ratio of 10.99 and a beta of 1.32. The stock's fifty day simple moving average is $146.85 and its 200 day simple moving average is $142.68. Owens Corning Inc has a twelve month low of $123.40 and a twelve month 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 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 during the quarter, compared to analyst estimates of $2.70 billion. During the same period last year, the business earned $4.64 EPS. The business's revenue was up 10.0% on a year-over-year basis. As a group, sell-side analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were issued a dividend of $0.69 per share. The ex-dividend date was Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.8%. 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 outstanding shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign 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.