Owens Corning Inc $OC Shares Sold by Credit Agricole S A

Key Points

• Credit Agricole S A has reduced its stake in Owens Corning Inc by 4.6%, now owning approximately 127,370 shares, valued at $18.19 million, following the sale of 6,082 shares.
• Several institutional investors have increased their stakes in Owens Corning, with OneDigital Investment Advisors LLC raising its holding by 33.3% to 1,639 shares.
• Owens Corning recently announced a quarterly dividend of $0.69, with a dividend yield of 1.9%, and has authorized a share buyback plan for up to 12 million shares.

Credit Agricole S A reduced its position in Owens Corning Inc (NYSE:OC - Free Report) by 4.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,370 shares of the construction company's stock after selling 6,082 shares during the period. Credit Agricole S A owned about 0.15% of Owens Corning worth $18,191,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. CoreCap Advisors LLC increased its stake in Owens Corning by 3.3% in the 4th quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock valued at $305,000 after purchasing an additional 57 shares in the last quarter. NorthCrest Asset Manangement LLC increased its stake in Owens Corning by 0.6% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock valued at $1,863,000 after purchasing an additional 74 shares in the last quarter. Menard Financial Group LLC grew its holdings in Owens Corning by 3.6% during the 4th quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock valued at $387,000 after buying an additional 80 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Owens Corning by 13.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after buying an additional 85 shares in the last quarter. Finally, UMB Bank n.a. increased its position in Owens Corning by 9.8% during the first quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock worth $143,000 after buying an additional 89 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on OC. Barclays raised 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. UBS Group dropped their price target on 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 dropped their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company raised their price target on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Finally, Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Owens Corning has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Trading Up 4.8%

Shares of OC stock traded up $7.1850 during mid-day trading on Friday, hitting $155.6950. 2,137,163 shares of the company's stock were exchanged, compared to its average volume of 838,952. 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 50-day simple moving average of $142.97 and a two-hundred day simple moving average of $144.78. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The stock has a market cap of $13.02 billion, a price-to-earnings ratio of 40.44, a PEG ratio of 11.13 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (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 analysts' expectations of $2.70 billion. During the same quarter last year, the firm earned $4.64 earnings per share. The business's revenue was up 10.0% on a year-over-year basis. Equities analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning declared that its Board of Directors has authorized a share buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to reacquire 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders 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 dividend yield of 1.8%. Owens Corning's dividend payout ratio (DPR) is 71.69%.

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.