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

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

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OC. Assetmark Inc. raised its position in Owens Corning by 195.1% during the fourth quarter. Assetmark Inc. now owns 239 shares of the construction company's stock valued at $41,000 after purchasing an additional 158 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of Owens Corning by 45.5% in the 4th quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock valued at $57,000 after purchasing an additional 106 shares during the last quarter. Covestor Ltd raised its holdings in shares of Owens Corning by 15.7% during the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after buying an additional 63 shares in the last quarter. Palouse Capital Management Inc. lifted its position in shares of Owens Corning by 50.0% during the 1st quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock worth $112,000 after buying an additional 262 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 worth $125,000 after buying an additional 85 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Royal Bank Of Canada dropped their target price on 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 lifted their target price on shares of Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday. Loop Capital reduced their target price on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Evercore ISI set a $165.00 price target on shares of Owens Corning in a research note on Thursday, May 15th. Finally, UBS Group cut their price target on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Stock Down 1.8%

OC stock traded down $2.63 during trading on Friday, reaching $147.60. 668,923 shares of the stock were exchanged, compared to its average volume of 864,975. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. Owens Corning Inc has a twelve month low of $123.41 and a twelve month high of $214.53. The firm's 50 day moving average is $138.56 and its 200 day moving average is $152.02. The firm has a market cap of $12.55 billion, a P/E ratio of 51.97, a price-to-earnings-growth ratio of 3.89 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the prior year, the company posted $3.40 earnings per share. The business's revenue was up 25.4% on a year-over-year basis. As a group, research analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.87%. Owens Corning's dividend payout ratio (DPR) is currently 97.18%.

Owens Corning announced that its board has initiated a stock buyback program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

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.