Davis Selected Advisers Increases Stock Position in Owens Corning Inc $OC

Key Points

• Davis Selected Advisers increased its Owens Corning stake by 15.1% in Q4 to 2,046,583 shares (about 2.49% of OC), a $229.0M holding and the fund's 24th-largest position.
• Owens Corning's latest quarter missed expectations—EPS $1.10 vs. $1.36 expected and revenue $2.14B vs. $2.17B—driving a 16.8% year-over-year revenue decline and a negative net margin (-5.17%).
• Institutional investors own 88.4% of the stock, and analysts have a consensus "Moderate Buy" rating with an average target price of $145.09.

Davis Selected Advisers increased its position in Owens Corning Inc (NYSE:OC - Free Report) by 15.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,046,583 shares of the construction company's stock after acquiring an additional 269,216 shares during the period. Owens Corning comprises approximately 1.0% of Davis Selected Advisers' holdings, making the stock its 24th largest position. Davis Selected Advisers owned approximately 2.49% of Owens Corning worth $229,035,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in OC. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Owens Corning in the 4th quarter worth approximately $37,000. Root Financial Partners LLC bought a new stake in Owens Corning in the 3rd quarter worth approximately $39,000. Measured Wealth Private Client Group LLC bought a new stake in Owens Corning in the 3rd quarter worth approximately $42,000. SJS Investment Consulting Inc. grew its position in Owens Corning by 3,766.7% in the 3rd quarter. SJS Investment Consulting Inc. now owns 348 shares of the construction company's stock worth $49,000 after purchasing an additional 339 shares during the period. Finally, V Square Quantitative Management LLC bought a new stake in Owens Corning in the 4th quarter worth approximately $49,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on OC shares. Royal Bank Of Canada set a $143.00 target price on shares of Owens Corning in a research report on Friday, January 9th. Wells Fargo & Company lifted their target price on shares of Owens Corning from $125.00 to $135.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Evercore set a $130.00 target price on shares of Owens Corning in a research report on Friday, April 24th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Owens Corning in a research report on Friday, March 27th. Finally, Zacks Research raised shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $145.09.

Owens Corning Price Performance

NYSE OC opened at $122.58 on Friday. The company has a market capitalization of $9.85 billion, a PE ratio of -19.15, a price-to-earnings-growth ratio of 2.09 and a beta of 1.35. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. The business's fifty day moving average is $114.25 and its 200 day moving average is $117.22. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.42.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.26). The company had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. Owens Corning's revenue for the quarter was down 16.8% on a year-over-year basis. During the same quarter last year, the firm posted $3.22 earnings per share. Sell-side analysts predict that Owens Corning Inc will post 9.45 earnings per share for the current year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 9th were given a dividend of $0.79 per share. The ex-dividend date was Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 2.6%. Owens Corning's payout ratio is -49.38%.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company's core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.