Envestnet Asset Management Inc. Sells 84,592 Shares of Owens Corning Inc (NYSE:OC)

Envestnet Asset Management Inc. decreased its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 43.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,440 shares of the construction company's stock after selling 84,592 shares during the quarter. Envestnet Asset Management Inc. owned about 0.13% of Owens Corning worth $15,630,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after buying an additional 414,770 shares in the last quarter. Norges Bank purchased a new position in shares of Owens Corning during the 4th quarter valued at about $208,519,000. Northern Trust Corp lifted its position in shares of Owens Corning by 27.4% during the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock valued at $164,335,000 after buying an additional 207,677 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Owens Corning by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after purchasing an additional 5,819 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Owens Corning by 20.7% during the 4th quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock worth $126,849,000 after acquiring an additional 127,785 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on OC. UBS Group cut their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Barclays lowered their target price on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company upped their target price on Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Owens Corning in a research note on Tuesday, April 1st. They set a "buy" rating and a $183.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $184.30.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $141.85 on Friday. Owens Corning Inc has a one year low of $123.41 and a one year high of $214.53. The company has a market cap of $12.06 billion, a price-to-earnings ratio of 49.95, a PEG ratio of 3.71 and a beta of 1.33. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. The business's 50 day moving average price is $138.84 and its 200 day moving average price is $151.05.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The company's revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.40 earnings per share. On average, research analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning declared that its board has approved a stock buyback program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.95%. Owens Corning's payout ratio is 97.18%.

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.

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