Gotham Asset Management LLC Acquires 64,485 Shares of Owens Corning Inc $OC

Key Points

• Gotham Asset Management LLC significantly increased its stake in Owens Corning, acquiring an additional 64,485 shares to lift its total ownership to approximately 104,432 shares worth $14,915,000.
• Analysts have generally rated Owens Corning positively, with recent target price increases, including Barclays raising it from $167 to $173 and Wells Fargo from $165 to $170, both maintaining an "overweight" rating.
• Owens Corning reported better-than-expected earnings of $4.21 per share for its latest quarter, surpassing forecasts while also declaring a quarterly dividend of $0.69 per share, reflecting strong financial performance.

Gotham Asset Management LLC grew its stake in Owens Corning Inc (NYSE:OC - Free Report) by 161.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 104,432 shares of the construction company's stock after purchasing an additional 64,485 shares during the quarter. Gotham Asset Management LLC owned about 0.12% of Owens Corning worth $14,915,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in OC. Vanguard Group Inc. increased its position in shares of Owens Corning by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after buying an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock valued at $339,930,000 after buying an additional 957,295 shares in the last quarter. Nuveen LLC bought a new stake in shares of Owens Corning in the 1st quarter valued at $91,698,000. 140 Summer Partners LP bought a new stake in shares of Owens Corning in the 1st quarter valued at $46,869,000. Finally, Raiffeisen Bank International AG bought a new stake in shares of Owens Corning in the 4th quarter valued at $51,400,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Up 2.7%

Shares of NYSE OC traded up $4.06 during mid-day trading on Wednesday, hitting $153.18. The company had a trading volume of 1,091,792 shares, compared to its average volume of 929,130. The company has a market capitalization of $12.81 billion, a PE ratio of 39.79, a price-to-earnings-growth ratio of 10.99 and a beta of 1.32. The firm has a 50-day simple moving average of $146.85 and a two-hundred day simple moving average of $142.68. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a one year low of $123.40 and a one year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.41. The company 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 for the quarter was up 10.0% compared to the same quarter last year. During the same quarter last year, the company earned $4.64 EPS. On average, equities analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

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

Owens Corning Announces Dividend

The firm also recently declared 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 was Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Analyst Ratings Changes

A number of research firms recently commented on OC. Barclays upped their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. UBS Group lowered their target price on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Wells Fargo & Company increased their target price on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Evercore ISI increased their target price on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. Finally, Royal Bank Of Canada lowered their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $184.60.

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.