Davis Selected Advisers Lowers Holdings in Owens Corning Inc (NYSE:OC)

Key Points

• Davis Selected Advisers has reduced its stake in Owens Corning Inc by 1.3%, holding approximately 1.5% of its portfolio in the construction company.
• Owens Corning reported $4.21 earnings per share for the last quarter, exceeding analysts' expectations, with revenue up 10.0% year-over-year.
• The company announced a quarterly dividend of $0.69 per share, representing a yield of 1.9% and a payout ratio of 71.69%.

Davis Selected Advisers lessened its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 1.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,787,242 shares of the construction company's stock after selling 24,021 shares during the period. Owens Corning comprises approximately 1.5% of Davis Selected Advisers' investment portfolio, making the stock its 22nd biggest holding. Davis Selected Advisers owned approximately 2.10% of Owens Corning worth $255,254,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. OneDigital Investment Advisors LLC increased its holdings in Owens Corning by 33.3% during the first quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock valued at $234,000 after buying an additional 409 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in Owens Corning by 11.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock valued at $4,416,000 after buying an additional 3,298 shares during the period. Wedge Capital Management L L P NC increased its holdings in Owens Corning by 32.0% during the first quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company's stock valued at $10,404,000 after buying an additional 17,660 shares during the period. Moran Wealth Management LLC increased its holdings in Owens Corning by 31.4% during the first quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock valued at $20,076,000 after buying an additional 33,631 shares during the period. Finally, Eisler Capital Management Ltd. purchased a new position in Owens Corning during the fourth quarter valued at approximately $2,403,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

Shares of OC traded down $3.27 during trading hours on Friday, reaching $143.90. 778,124 shares of the company traded hands, compared to its average volume of 815,397. The stock has a market capitalization of $12.03 billion, a P/E ratio of 37.38, a P/E/G ratio of 3.80 and a beta of 1.32. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The business has a fifty day moving average price of $140.16 and a 200-day moving average price of $147.28.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. The firm had revenue of $2.75 billion for the quarter, compared to analyst estimates 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 previous year, the company earned $4.64 earnings per share. Equities analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning announced that its board has approved a stock repurchase plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's dividend payout ratio is presently 71.69%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on OC shares. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. UBS Group cut their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday. Loop Capital cut their price target 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. Royal Bank Of Canada cut their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday. Finally, Wells Fargo & Company lifted their price target on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $184.60.

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.