Forsta AP Fonden Cuts Stock Position in Owens Corning Inc (NYSE:OC)

Key Points

• Forsta AP Fonden reduced its stock position in Owens Corning Inc by 15.7%, now holding 18,800 shares valued at approximately $2.69 million.
• Owens Corning reported a $4.21 EPS for the quarter, exceeding analysts' expectations, with a revenue of $2.75 billion.
• The company has authorized a share buyback plan to reacquire up to 12 million shares, indicating potential management confidence in the stock's value.

Forsta AP Fonden reduced its position in Owens Corning Inc (NYSE:OC - Free Report) by 15.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,800 shares of the construction company's stock after selling 3,500 shares during the quarter. Forsta AP Fonden's holdings in Owens Corning were worth $2,685,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bessemer Group Inc. boosted its holdings in shares of 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 purchasing an additional 106 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Owens Corning in the 1st quarter worth about $60,000. Covestor Ltd grew its position in Owens Corning by 15.7% during the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after acquiring an additional 63 shares during the last quarter. Archer Investment Corp grew its position in Owens Corning by 17.9% during the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after acquiring an additional 100 shares during the last quarter. Finally, Bayforest Capital Ltd bought a new position in Owens Corning during the 1st quarter worth approximately $100,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Trading Down 1.4%

OC opened at $141.93 on Tuesday. The stock has a market cap of $11.87 billion, a PE ratio of 36.86, a PEG ratio of 10.47 and a beta of 1.32. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The business has a 50 day moving average of $140.35 and a 200-day moving average of $146.68. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The company had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter last year, the business posted $4.64 EPS. The firm's revenue for the quarter was up 10.0% compared to the same quarter last year. Equities research analysts predict 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 buyback plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's dividend payout ratio (DPR) is 71.69%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. UBS Group reduced their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Evercore ISI raised their price target on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday. Royal Bank Of Canada reduced their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Loop Capital reduced their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Barclays raised their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Five investment 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, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $184.60.

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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