D.A. Davidson & CO. Invests $462,000 in Owens Corning Inc (NYSE:OC)

D.A. Davidson & CO. acquired a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,234 shares of the construction company's stock, valued at approximately $462,000.

Other hedge funds have also recently bought and sold shares of the company. Assetmark Inc. lifted its holdings in shares of Owens Corning by 195.1% during the 4th quarter. Assetmark Inc. now owns 239 shares of the construction company's stock worth $41,000 after acquiring an additional 158 shares during the period. Bessemer Group Inc. increased its position in Owens Corning by 45.5% during the fourth quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after purchasing an additional 106 shares during the last quarter. Covestor Ltd raised its stake in Owens Corning by 15.7% during the fourth quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after purchasing an additional 63 shares during the period. Palouse Capital Management Inc. boosted its holdings in shares of Owens Corning by 50.0% in 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 last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Owens Corning by 13.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after buying an additional 85 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Down 2.0%

OC traded down $2.98 during trading hours on Monday, reaching $144.46. 845,920 shares of the stock traded hands, compared to its average volume of 866,012. Owens Corning Inc has a fifty-two week low of $123.41 and a fifty-two week high of $214.53. The company has a market cap of $12.29 billion, a price-to-earnings ratio of 50.87, a PEG ratio of 3.89 and a beta of 1.33. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The firm's fifty day simple moving average is $138.56 and its two-hundred day simple moving average is $151.58.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period last year, the firm earned $3.40 earnings per share. The company's revenue was up 25.4% on a year-over-year basis. As a group, analysts forecast 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 will be paid on Thursday, August 7th. Shareholders of record on Monday, July 21st will be issued a dividend of $0.69 per share. The ex-dividend date is Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.91%. Owens Corning's dividend payout ratio is presently 97.18%.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Barclays reduced their target price on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. UBS Group reduced their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada dropped their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company raised their price target on shares of Owens Corning from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They set a "buy" rating and a $183.00 price objective for the company. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $184.30.

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.