Deutsche Bank AG Lowers Stock Position in Owens Corning Inc (NYSE:OC)

Key Points

• Deutsche Bank AG reduced its stake in Owens Corning Inc by 13.1%, selling 121,172 shares and leaving it with approximately 0.94% ownership worth $114.5 million.
• Owens Corning reported strong quarterly earnings with an EPS of $4.21, exceeding estimates, along with a revenue of $2.75 billion which marked a 10% year-over-year increase.
• Analysts have issued a range of new price targets for Owens Corning, with the consensus price target at $184.60 and a general rating of "Moderate Buy".

Deutsche Bank AG lessened its stake in Owens Corning Inc (NYSE:OC - Free Report) by 13.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 801,707 shares of the construction company's stock after selling 121,172 shares during the quarter. Deutsche Bank AG owned 0.94% of Owens Corning worth $114,500,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in OC. Bank Pictet & Cie Europe AG acquired a new position in Owens Corning during the 4th quarter worth approximately $28,651,000. Wells Fargo & Company MN grew its stake in shares of Owens Corning by 153.7% during the fourth quarter. Wells Fargo & Company MN now owns 148,284 shares of the construction company's stock worth $25,256,000 after purchasing an additional 89,825 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Owens Corning by 0.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 194,032 shares of the construction company's stock valued at $33,048,000 after buying an additional 1,645 shares in the last quarter. Bank of Montreal Can lifted its holdings in Owens Corning by 8.7% during the 4th quarter. Bank of Montreal Can now owns 17,143 shares of the construction company's stock worth $2,920,000 after buying an additional 1,365 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Owens Corning during the 4th quarter worth about $51,220,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OC has been the topic of several research analyst reports. Wells Fargo & Company raised their target price on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Loop Capital cut their price objective 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. Barclays boosted their price objective on shares of 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 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 research note on Thursday, August 7th. Finally, Evercore ISI boosted their price target on shares of Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and a consensus price target of $184.60.

Owens Corning Stock Performance

NYSE OC traded down $3.55 during trading on Thursday, reaching $151.86. The company's stock had a trading volume of 406,557 shares, compared to its average volume of 928,561. The business's fifty day moving average price is $141.00 and its 200-day moving average price is $146.76. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The firm has a market cap of $12.70 billion, a price-to-earnings ratio of 39.44, a P/E/G ratio of 10.88 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, topping 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 return on equity of 24.49% and a net margin of 2.98%. The business's revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the company posted $4.64 earnings per share. As a group, analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were given a dividend of $0.69 per share. The ex-dividend date was Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. Owens Corning's dividend payout ratio is presently 71.69%.

Owens Corning announced that its board has approved 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 often a sign that the company's board believes its shares are undervalued.

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.