First Pacific Financial Makes New Investment in Owens Corning Inc (NYSE:OC)

First Pacific Financial acquired a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,790 shares of the construction company's stock, valued at approximately $684,000.

A number of other institutional investors and hedge funds have also made changes to their positions in OC. Norges Bank acquired a new stake in shares of Owens Corning in the fourth quarter worth $208,519,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of 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 valued at $242,337,000 after buying an additional 414,770 shares during the period. Raiffeisen Bank International AG acquired a new stake in Owens Corning in the fourth quarter worth $51,400,000. Raymond James Financial Inc. acquired a new position in shares of Owens Corning during the fourth quarter worth approximately $51,220,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in Owens Corning in the 4th quarter valued at about $41,252,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Trading Down 1.3%

Shares of Owens Corning stock traded down $1.86 during midday trading on Wednesday, reaching $136.13. The company had a trading volume of 461,041 shares, compared to its average volume of 861,077. The stock has a fifty day moving average price of $138.08 and a 200 day moving average price of $155.29. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. Owens Corning Inc has a fifty-two week low of $123.41 and a fifty-two week high of $214.53. The firm has a market cap of $11.58 billion, a PE ratio of 47.93, a P/E/G ratio of 3.58 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $2.53 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter last year, the firm posted $3.40 earnings per share. On average, equities analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Monday, July 21st. Owens Corning's dividend payout ratio (DPR) is currently 97.18%.

Owens Corning declared that its board has initiated a stock repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on OC. Royal Bank Of Canada cut their price target on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Wells Fargo & Company upped their target price on shares of Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Wall Street Zen lowered shares of Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Barclays dropped their price objective on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Finally, Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and an average price target of $183.80.

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.