FCG Investment Co Takes Position in Owens Corning Inc (NYSE:OC)

Key Points

• FCG Investment Co has acquired a new stake in Owens Corning Inc, purchasing 7,465 shares valued at approximately $1,066,000.
• Owens Corning reported $4.21 EPS for its latest quarter, exceeding analysts' expectations, with revenue of $2.75 billion, marking a 10% year-over-year increase.
• The board has authorized a stock repurchase program allowing the repurchase of up to 12 million shares, indicating confidence in the company's stock valuation.

FCG Investment Co acquired a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,465 shares of the construction company's stock, valued at approximately $1,066,000.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after buying an additional 1,053,855 shares during the period. LSV Asset Management raised its holdings in shares of Owens Corning by 1.9% in the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock worth $210,812,000 after buying an additional 27,185 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Owens Corning by 41.1% in the fourth 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 during the period. Northern Trust Corp raised its holdings in shares of Owens Corning by 27.4% in the fourth quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock worth $164,335,000 after buying an additional 207,677 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Owens Corning by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after buying an additional 5,819 shares during the period. 88.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on OC shares. UBS Group cut their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Loop Capital cut their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Evercore ISI lifted 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. Finally, Wells Fargo & Company lifted their price target on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $150.20 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53. The business has a 50-day moving average price of $141.63 and a 200 day moving average price of $145.92. The firm has a market cap of $12.56 billion, a PE ratio of 39.01, a P/E/G ratio of 10.87 and a beta of 1.32.

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

Owens Corning Dividend Announcement

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

Owens Corning declared that its Board of Directors has authorized a stock repurchase program on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board 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.

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