Corient IA LLC Takes Position in Owens Corning Inc (NYSE:OC)

Key Points

• Corient IA LLC acquired a new stake in Owens Corning Inc, purchasing 4,000 shares valued at approximately $571,000 during the first quarter.
• Owens Corning has received positive analyst attention, with Wolfe Research upgrading the stock to "outperform" and a consensus rating of "Moderate Buy" indicating strong investor sentiment.
• The company recently reported earnings of $4.21 per share, exceeding expectations, and declared a quarterly dividend of $0.69, indicating a commitment to returning value to shareholders.

Corient IA LLC acquired a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,000 shares of the construction company's stock, valued at approximately $571,000.

A number of other institutional investors have also modified their holdings of OC. Wayfinding Financial LLC purchased a new stake in Owens Corning in the first quarter valued at approximately $60,000. Archer Investment Corp grew its holdings in Owens Corning by 17.9% in the first 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 stake in Owens Corning in the first quarter valued at approximately $100,000. Palouse Capital Management Inc. grew its holdings in Owens Corning by 50.0% in the first 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, Allworth Financial LP grew its holdings in Owens Corning by 86.6% in the first quarter. Allworth Financial LP now owns 819 shares of the construction company's stock valued at $118,000 after purchasing an additional 380 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of recent analyst reports. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Barclays boosted their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Evercore ISI boosted their target price on shares of Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Wells Fargo & Company boosted their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Finally, Loop Capital decreased their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and an average price target of $184.60.

Owens Corning Price Performance

Shares of OC stock opened at $150.20 on Friday. The company has a market capitalization of $12.56 billion, a PE ratio of 39.01, a price-to-earnings-growth ratio of 10.87 and a beta of 1.32. The firm has a fifty day simple moving average of $141.63 and a 200-day simple moving average of $145.92. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. 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 announced 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. The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business's quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.64 earnings per share. Equities research analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

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

Owens Corning declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are 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.

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