Entropy Technologies LP Acquires Shares of 25,114 Owens Corning Inc (NYSE:OC)

Key Points

• Entropy Technologies LP has acquired a new position in Owens Corning Inc, purchasing 25,114 shares valued at approximately $3.59 million.
• Owens Corning recently reported earnings of $4.21 per share, exceeding estimates and showing a 10% year-over-year revenue increase to $2.75 billion.
• The company approved a share buyback program for up to 12 million shares, indicating confidence that its stock is undervalued.

Entropy Technologies LP acquired a new stake in Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 25,114 shares of the construction company's stock, valued at approximately $3,587,000.

A number of other hedge funds have also modified their holdings of OC. Townsquare Capital LLC increased its stake in shares of Owens Corning by 9.1% during the 1st quarter. Townsquare Capital LLC now owns 7,469 shares of the construction company's stock worth $1,067,000 after purchasing an additional 623 shares during the last quarter. Citigroup Inc. increased its position in Owens Corning by 56.3% during the first quarter. Citigroup Inc. now owns 120,806 shares of the construction company's stock worth $17,254,000 after buying an additional 43,528 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Owens Corning by 12.9% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,642 shares of the construction company's stock valued at $9,946,000 after buying an additional 7,958 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its position in shares of Owens Corning by 43.7% in the first quarter. Ontario Teachers Pension Plan Board now owns 3,518 shares of the construction company's stock worth $502,000 after buying an additional 1,070 shares during the last quarter. Finally, Chicago Partners Investment Group LLC boosted its stake in shares of Owens Corning by 69.3% during the 1st quarter. Chicago Partners Investment Group LLC now owns 2,079 shares of the construction company's stock worth $271,000 after acquiring an additional 851 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on OC shares. Evercore ISI increased their price target on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Royal Bank Of Canada decreased their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Loop Capital cut their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, UBS Group dropped their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $184.60.

Owens Corning Price Performance

NYSE OC traded down $3.31 on Thursday, reaching $152.11. The company's stock had a trading volume of 444,896 shares, compared to its average volume of 928,814. 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 has a 50-day moving average price of $141.00 and a 200 day moving average price of $146.76. The firm has a market cap of $12.72 billion, a PE ratio of 39.50, a price-to-earnings-growth ratio of 10.88 and a beta of 1.32. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating the consensus estimate of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The business had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter in the previous year, the firm earned $4.64 EPS. Owens Corning's quarterly revenue was up 10.0% on a year-over-year basis. Sell-side analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

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

Owens Corning declared that its Board of Directors has approved a stock repurchase program 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 programs are often a sign that the company's board of directors believes its shares are undervalued.

Owens Corning 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.