Owens Corning Inc $OC Shares Sold by Fox Run Management L.L.C.

Key Points

• Fox Run Management L.L.C. reduced its ownership in Owens Corning by 58.6%, holding $225,000 worth of shares after selling 2,229 shares in the first quarter.
• Owens Corning reported earnings of $4.21 per share for the last quarter, surpassing estimates, with a year-over-year revenue increase of 10% to $2.75 billion.
• The company has initiated a stock buyback plan for 12 million shares, indicating belief from its board that the stock is undervalued.

Fox Run Management L.L.C. trimmed its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 58.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,577 shares of the construction company's stock after selling 2,229 shares during the quarter. Fox Run Management L.L.C.'s holdings in Owens Corning were worth $225,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in OC. Vanguard Group Inc. lifted its position in Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after acquiring an additional 1,053,855 shares during the period. Nuveen LLC acquired a new stake in Owens Corning during the 1st quarter worth approximately $91,698,000. Price T Rowe Associates Inc. MD lifted its position in Owens Corning by 41.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after acquiring an additional 414,770 shares during the period. Raiffeisen Bank International AG acquired a new stake in Owens Corning during the 4th quarter worth approximately $51,400,000. Finally, KBC Group NV lifted its position in Owens Corning by 75.2% during the 1st quarter. KBC Group NV now owns 634,783 shares of the construction company's stock worth $90,659,000 after acquiring an additional 272,367 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OC has been the subject of several recent analyst reports. Loop Capital reduced their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company raised 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. Evercore ISI raised 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. Royal Bank Of Canada reduced their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Finally, Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $184.60.

Owens Corning Price Performance

OC stock traded up $7.1850 during midday trading on Friday, hitting $155.6950. 2,137,163 shares of the stock were exchanged, compared to its average volume of 838,952. The stock's 50-day moving average price is $142.97 and its 200-day moving average price is $144.78. The stock has a market cap of $13.02 billion, a price-to-earnings ratio of 40.44, a PEG ratio of 11.13 and a beta of 1.32. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52.

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

Owens Corning declared that its board has authorized a share buyback program on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.8%. Owens Corning's payout ratio is currently 71.69%.

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.