Corebridge Financial Inc. Cuts Holdings in Owens Corning Inc $OC

Key Points

• Corebridge Financial Inc. reduced its stake in Owens Corning Inc. by 2.4%, now holding 94,750 shares worth approximately $13.53 million.
• Owens Corning reported $4.21 EPS for the latest quarter, exceeding estimates by $0.41, with a revenue of $2.75 billion, up 10.0% year-over-year.
• The company initiated a share repurchase plan of 12 million shares and declared a quarterly dividend of $0.69 per share, representing an annual yield of 1.8%.

Corebridge Financial Inc. lessened its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 2.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,750 shares of the construction company's stock after selling 2,321 shares during the period. Corebridge Financial Inc. owned about 0.11% of Owens Corning worth $13,532,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of OC. Wayfinding Financial LLC purchased a new position in Owens Corning during the 1st quarter valued at about $60,000. Archer Investment Corp increased its holdings in Owens Corning by 17.9% during the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after purchasing an additional 100 shares during the period. Bayforest Capital Ltd purchased a new position in Owens Corning during the 1st quarter valued at about $100,000. Palouse Capital Management Inc. increased its holdings in Owens Corning by 50.0% during the 1st quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock valued at $112,000 after purchasing an additional 262 shares during the period. Finally, Brooklyn Investment Group increased its holdings in Owens Corning by 260.8% during the 1st quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock valued at $112,000 after purchasing an additional 566 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Down 1.5%

Owens Corning stock traded down $2.30 during mid-day trading on Monday, hitting $150.11. The company had a trading volume of 870,699 shares, compared to its average volume of 941,858. 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 stock's 50 day moving average price is $144.98 and its two-hundred day moving average price is $143.59. Owens Corning Inc has a 12 month low of $123.40 and a 12 month high of $214.53. The company has a market capitalization of $12.55 billion, a PE ratio of 38.99, a price-to-earnings-growth ratio of 10.73 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released 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 business had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same period in the previous year, the company posted $4.64 earnings per share. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning announced that its board has approved a stock buyback program on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Owens Corning Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Wells Fargo & Company boosted their price target on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Loop Capital reduced their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Royal Bank Of Canada reduced their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Finally, Barclays upped their target price on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $184.60.

Owens Corning 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.