Groesbeck Investment Management Corp NJ Buys Shares of 1,910 Owens Corning Inc (NYSE:OC)

Groesbeck Investment Management Corp NJ purchased a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,910 shares of the construction company's stock, valued at approximately $273,000.

Other hedge funds also recently made changes to their positions in the company. IFM Investors Pty Ltd lifted its stake in Owens Corning by 2.7% during the first quarter. IFM Investors Pty Ltd now owns 20,798 shares of the construction company's stock worth $2,970,000 after purchasing an additional 542 shares during the last quarter. OneDigital Investment Advisors LLC lifted its stake in Owens Corning by 33.3% during the first quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock worth $234,000 after purchasing an additional 409 shares during the last quarter. D.A. Davidson & CO. bought a new stake in Owens Corning during the first quarter worth about $462,000. Principal Financial Group Inc. lifted its stake in Owens Corning by 0.4% during the first quarter. Principal Financial Group Inc. now owns 393,768 shares of the construction company's stock worth $56,238,000 after purchasing an additional 1,737 shares during the last quarter. Finally, Resonant Capital Advisors LLC lifted its stake in Owens Corning by 6.3% during the first quarter. Resonant Capital Advisors LLC now owns 1,745 shares of the construction company's stock worth $250,000 after purchasing an additional 103 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Down 0.3%

Shares of OC stock traded down $0.48 during midday trading on Friday, reaching $145.10. 592,395 shares of the stock were exchanged, compared to its average volume of 862,264. Owens Corning Inc has a 1 year low of $123.41 and a 1 year high of $214.53. The company's 50 day moving average is $138.45 and its two-hundred day moving average is $152.70. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The firm has a market cap of $12.34 billion, a PE ratio of 51.09, a price-to-earnings-growth ratio of 3.83 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last issued 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. The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate 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 was up 25.4% on a year-over-year basis. During the same period last year, the company earned $3.40 earnings per share. On average, equities research analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

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

Owens Corning Announces Dividend

The firm 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 $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning's dividend payout ratio is currently 97.18%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Deutsche Bank Aktiengesellschaft assumed coverage on Owens Corning in a report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective on the stock. Royal Bank Of Canada decreased their price objective on Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. UBS Group decreased their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Wells Fargo & Company lifted their price objective on Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $183.80.

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.