Citigroup Inc. Purchases 43,528 Shares of Owens Corning Inc $OC

Citigroup Inc. boosted its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 56.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,806 shares of the construction company's stock after acquiring an additional 43,528 shares during the quarter. Citigroup Inc. owned 0.14% of Owens Corning worth $17,254,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. OneDigital Investment Advisors LLC lifted its holdings in shares of Owens Corning by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock valued at $234,000 after buying an additional 409 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Owens Corning by 11.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock valued at $4,416,000 after buying an additional 3,298 shares during the period. Wedge Capital Management L L P NC lifted its holdings in shares of Owens Corning by 32.0% during the 1st quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company's stock valued at $10,404,000 after buying an additional 17,660 shares during the period. Moran Wealth Management LLC lifted its holdings in shares of Owens Corning by 31.4% during the 1st quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock valued at $20,076,000 after buying an additional 33,631 shares during the period. Finally, Eisler Capital Management Ltd. bought a new position in shares of Owens Corning during the 4th quarter valued at $2,403,000. 88.40% of the stock is owned by institutional investors.

Owens Corning Price Performance

Shares of Owens Corning stock traded down $0.37 during trading on Monday, reaching $149.90. 275,287 shares of the stock traded hands, compared to its average volume of 923,557. The company has a market capitalization of $12.54 billion, a price-to-earnings ratio of 38.94, a P/E/G ratio of 10.74 and a beta of 1.32. The business has a fifty day simple moving average of $141.63 and a two-hundred day simple moving average of $145.61. 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 Inc has a 52-week low of $123.40 and a 52-week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last issued 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. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The business's quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the business posted $4.64 earnings per share. Sell-side analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were issued 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 1.8%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Owens Corning declared that its Board of Directors has approved a share buyback plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently weighed in on OC shares. Evercore ISI increased 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. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Wells Fargo & Company upped their price objective on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. UBS Group reduced their price objective on 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, Barclays upped their price objective on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus target price 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.