Owens Corning Inc (NYSE:OC) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. trimmed its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 71.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,684 shares of the construction company's stock after selling 6,567 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Owens Corning were worth $383,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Whipplewood Advisors LLC purchased a new stake in shares of Owens Corning during the fourth quarter valued at $34,000. IFP Advisors Inc boosted its position in Owens Corning by 35.6% in the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock valued at $40,000 after buying an additional 62 shares during the period. Assetmark Inc. boosted its position in Owens Corning by 195.1% in the 4th quarter. Assetmark Inc. now owns 239 shares of the construction company's stock valued at $41,000 after buying an additional 158 shares during the period. Bessemer Group Inc. grew its stake in Owens Corning by 45.5% in the 4th quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after acquiring an additional 106 shares in the last quarter. Finally, Synergy Investment Management LLC purchased a new position in shares of Owens Corning during the fourth quarter worth approximately $69,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OC. JPMorgan Chase & Co. decreased their price target on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Wells Fargo & Company upped their target price on Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Owens Corning in a report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective for the company. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and an average price target of $183.80.

Owens Corning Stock Up 0.6%

Shares of OC stock traded up $0.85 during mid-day trading on Friday, hitting $138.08. 922,204 shares of the stock traded hands, compared to its average volume of 861,773. Owens Corning Inc has a 52-week low of $123.41 and a 52-week high of $214.53. The stock has a market cap of $11.74 billion, a P/E ratio of 48.62, a P/E/G ratio of 3.64 and a beta of 1.34. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The stock's fifty day moving average is $138.06 and its two-hundred day moving average is $154.02.

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 during the quarter, compared to analysts' expectations of $2.52 billion. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. Owens Corning's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.40 earnings per share. Equities analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning declared that its Board of Directors has authorized a stock buyback program on Wednesday, May 14th that allows the company to buyback 12,000,000 outstanding shares. This buyback authorization allows the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 annualized dividend and a dividend yield of 2.00%. Owens Corning's dividend payout ratio is presently 97.18%.

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.