Groupama Asset Managment Acquires 2,050 Shares of Owens Corning Inc $OC

Key Points

• Groupama Asset Management increased its holdings in Owens Corning Inc by 42.4%, acquiring an additional 2,050 shares, bringing its total to 6,886 shares worth $982,000.
• Owens Corning reported $4.21 earnings per share for the last quarter, surpassing expectations of $3.80, and had a 10% year-over-year revenue increase to $2.75 billion.
• The company declared a quarterly dividend of $0.69, reflecting an annual yield of 1.9%, with a payout ratio of 71.69%.

Groupama Asset Managment increased its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 42.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,886 shares of the construction company's stock after acquiring an additional 2,050 shares during the quarter. Groupama Asset Managment's holdings in Owens Corning were worth $982,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Wayfinding Financial LLC bought a new stake in Owens Corning in the first quarter valued at about $60,000. Archer Investment Corp increased its holdings in Owens Corning by 17.9% in the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after purchasing an additional 100 shares during the last quarter. Bayforest Capital Ltd bought a new stake in Owens Corning in the first quarter valued at about $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Owens Corning by 13.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after purchasing an additional 85 shares during the last quarter. Finally, Coppell Advisory Solutions LLC increased its holdings in shares of Owens Corning by 101.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 763 shares of the construction company's stock worth $129,000 after acquiring an additional 384 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Performance

Shares of OC traded up $7.1850 during mid-day trading on Friday, reaching $155.6950. The company's stock had a trading volume of 2,137,163 shares, compared to its average volume of 838,952. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The stock has a market cap of $13.02 billion, a P/E ratio of 40.44, a PEG ratio of 11.13 and a beta of 1.32. The business has a 50-day simple moving average of $142.97 and a two-hundred day simple moving average of $144.78. 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 (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.41. The business 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%.The firm's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period last year, the firm posted $4.64 EPS. As a group, equities research analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its board has approved a share buyback program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Monday, July 21st. Owens Corning's dividend payout ratio (DPR) is 71.69%.

Analyst Upgrades and Downgrades

OC has been the subject of several recent analyst reports. Loop Capital lowered 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. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Barclays increased their price objective on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Evercore ISI increased their price objective 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, Wells Fargo & Company increased their price objective on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target 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.