Owens Corning Inc $OC Shares Purchased by Hancock Whitney Corp

Key Points

• Hancock Whitney Corp increased its stake in Owens Corning Inc by 58.4% in the first quarter, acquiring an additional 9,958 shares, bringing its total holdings to 27,016 shares valued at approximately $3.86 million.
• Owens Corning reported quarterly earnings of $4.21 per share, surpassing analysts' expectations of $3.80, alongside a year-over-year revenue increase of 10.0%.
• The company has authorized a stock buyback plan for up to 12 million shares, indicating a belief that its shares are undervalued, and recently declared a quarterly dividend of $0.69 per share.

Hancock Whitney Corp lifted its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 58.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 27,016 shares of the construction company's stock after acquiring an additional 9,958 shares during the period. Hancock Whitney Corp's holdings in Owens Corning were worth $3,858,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Wayfinding Financial LLC purchased a new stake in shares of Owens Corning during the first quarter worth about $60,000. Archer Investment Corp grew its stake in shares of Owens Corning by 17.9% during the first 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. Quarry LP grew its stake in shares of Owens Corning by 36.0% during the first quarter. Quarry LP now owns 676 shares of the construction company's stock worth $97,000 after acquiring an additional 179 shares during the last quarter. Bayforest Capital Ltd purchased a new stake in Owens Corning in the first quarter valued at approximately $100,000. Finally, Palouse Capital Management Inc. boosted its position in Owens Corning by 50.0% in the first quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock valued at $112,000 after buying an additional 262 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of NYSE:OC traded up $3.37 during midday trading on Wednesday, reaching $152.49. 464,712 shares of the company's stock traded hands, compared to its average volume of 926,470. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The company has a market cap of $12.75 billion, a P/E ratio of 39.67, a PEG ratio of 10.99 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The company has a fifty day simple moving average of $146.85 and a two-hundred day simple moving average of $142.68.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (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 firm had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the firm posted $4.64 EPS. The business's revenue was up 10.0% on a year-over-year basis. Equities analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning declared that its board has approved a stock buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are 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 paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's dividend payout ratio is currently 71.69%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OC. UBS Group dropped their target price 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. Royal Bank Of Canada dropped their target price 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. Wells Fargo & Company upped their target price on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Evercore ISI upped their target price on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. Finally, Barclays upped their target price on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $184.60.

Owens Corning 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.