Edgestream Partners L.P. Takes $2.02 Million Position in Owens Corning Inc (NYSE:OC)

Edgestream Partners L.P. bought a new position in shares of Owens Corning Inc (NYSE:OC - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 14,120 shares of the construction company's stock, valued at approximately $2,017,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CoreCap Advisors LLC grew its holdings in shares of Owens Corning by 3.3% during the 4th quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock worth $305,000 after purchasing an additional 57 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Owens Corning by 2.5% during the 4th quarter. Parallel Advisors LLC now owns 2,578 shares of the construction company's stock worth $439,000 after purchasing an additional 62 shares in the last quarter. Covestor Ltd grew 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 purchasing an additional 63 shares in the last quarter. NorthCrest Asset Manangement LLC grew its holdings in shares of Owens Corning by 0.6% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock worth $1,863,000 after purchasing an additional 74 shares in the last quarter. Finally, Menard Financial Group LLC grew its holdings in shares of Owens Corning by 3.6% during the 4th quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock worth $387,000 after purchasing an additional 80 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OC has been the subject of several recent analyst reports. Royal Bank Of Canada dropped their price objective 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. UBS Group dropped their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Loop Capital dropped their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company upped their price objective on Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Evercore ISI set a $165.00 price objective on Owens Corning in a research report on Thursday, May 15th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Stock Down 1.1%

Owens Corning stock traded down $1.61 during mid-day trading on Friday, reaching $140.08. The stock had a trading volume of 763,582 shares, compared to its average volume of 865,090. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. Owens Corning Inc has a fifty-two week low of $123.41 and a fifty-two week high of $214.53. The stock's 50-day simple moving average is $138.92 and its 200-day simple moving average is $150.71. The firm has a market capitalization of $11.91 billion, a PE ratio of 49.32, a price-to-earnings-growth ratio of 3.70 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter last year, the company earned $3.40 earnings per share. The company's revenue for the quarter was up 25.4% on a year-over-year basis. On average, sell-side analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Monday, July 21st will be paid a $0.69 dividend. The ex-dividend date is Monday, July 21st. This represents a $2.76 annualized dividend and a dividend yield of 1.97%. Owens Corning's payout ratio is presently 97.18%.

Owens Corning announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is 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.