Federated Hermes Inc. Has $13.69 Million Holdings in Owens Corning Inc (NYSE:OC)

Key Points

• Federated Hermes Inc. has reduced its stake in Owens Corning Inc. by 39%, leaving it with approximately 95,865 shares valued at $13.69 million as of its latest SEC filing.
• Owens Corning reported a quarterly earnings per share of $2.97, surpassing the consensus estimate of $2.82, and the company's revenue increased by 25.4% compared to the same quarter last year.
• The company has authorized a share repurchase plan for up to 12 million shares, indicating management's belief that the stock is undervalued.

Federated Hermes Inc. cut its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 39.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,865 shares of the construction company's stock after selling 61,410 shares during the period. Federated Hermes Inc. owned about 0.11% of Owens Corning worth $13,691,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Bessemer Group Inc. increased its holdings in Owens Corning by 45.5% in the fourth quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock valued at $57,000 after purchasing an additional 106 shares during the period. Wayfinding Financial LLC acquired a new stake in Owens Corning in the first quarter valued at $60,000. Covestor Ltd increased its holdings in Owens Corning by 15.7% in the fourth quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after purchasing an additional 63 shares during the period. Archer Investment Corp increased its holdings in Owens Corning by 17.9% in the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after purchasing an additional 100 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Owens Corning by 13.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after acquiring an additional 85 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OC. Barclays decreased their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Royal Bank Of Canada decreased their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a research report on Thursday, May 15th. Wells Fargo & Company increased their price objective on shares of Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and an average target price of $184.30.

Owens Corning Price Performance

Shares of NYSE OC opened at $136.43 on Friday. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The stock has a market cap of $11.60 billion, a price-to-earnings ratio of 48.04, a PEG ratio of 3.68 and a beta of 1.32. 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 firm's 50-day simple moving average is $139.29 and its 200 day simple moving average is $148.90.

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

Owens Corning declared that its board has authorized a share repurchase plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders 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 dividend yield of 2.0%. Owens Corning's dividend payout ratio (DPR) 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.

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