Empowered Funds LLC Buys 57,162 Shares of Owens Corning Inc $OC

Key Points

• Empowered Funds LLC increased its stake in Owens Corning by 162.4% in the first quarter, now owning approximately 0.11% of the company worth $13.2 million.
• Owens Corning reported earnings of $4.21 per share, exceeding estimates, with revenue of $2.75 billion, up 10% year-over-year.
• The company recently announced a quarterly dividend of $0.69 per share, marking an annualized dividend yield of 1.8%.

Empowered Funds LLC lifted its position in Owens Corning Inc (NYSE:OC - Free Report) by 162.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,366 shares of the construction company's stock after buying an additional 57,162 shares during the quarter. Empowered Funds LLC owned approximately 0.11% of Owens Corning worth $13,192,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OC. Wayfinding Financial LLC purchased a new stake in Owens Corning in the 1st quarter worth approximately $60,000. Archer Investment Corp increased its holdings in shares of Owens Corning by 17.9% in the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after purchasing an additional 100 shares during the period. Quarry LP increased its holdings in shares of Owens Corning by 36.0% in the first quarter. Quarry LP now owns 676 shares of the construction company's stock worth $97,000 after purchasing an additional 179 shares during the period. Bayforest Capital Ltd purchased a new stake in shares of Owens Corning in the first quarter worth $100,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Owens Corning by 13.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after buying an additional 85 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of research analyst reports. Evercore ISI upped their target price on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Barclays raised their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Wells Fargo & Company boosted their price target on shares of Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research note on Thursday. UBS Group decreased 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, August 7th. Finally, Royal Bank Of Canada dropped their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $185.10.

Owens Corning Stock Down 3.4%

NYSE:OC traded down $5.33 during trading hours on Friday, reaching $152.36. 583,090 shares of the company traded hands, compared to its average volume of 902,867. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The business's 50-day moving average price is $147.39 and its two-hundred day moving average price is $142.67. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The stock has a market capitalization of $12.74 billion, a P/E ratio of 39.57, a P/E/G ratio of 11.17 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. During the same period in the prior year, the firm posted $4.64 earnings per share. The company's quarterly revenue was up 10.0% on a year-over-year basis. Analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

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

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.