Owens Corning Inc (NYSE:OC) Stock Position Trimmed by Headlands Technologies LLC

Key Points

• Headlands Technologies LLC reduced its stake in Owens Corning by 46.5% during Q1, holding shares now valued at approximately $1.05 million.
• Owens Corning reported a quarterly EPS of $4.21, exceeding analyst expectations, and achieved revenues of $2.75 billion, a 10% year-over-year increase.
• The company declared a quarterly dividend of $0.69 per share, representing a yield of 1.9% and a payout ratio of 71.69%.

Headlands Technologies LLC decreased its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 46.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,379 shares of the construction company's stock after selling 6,416 shares during the period. Headlands Technologies LLC's holdings in Owens Corning were worth $1,054,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ontario Teachers Pension Plan Board grew its stake in Owens Corning by 43.7% during the first quarter. Ontario Teachers Pension Plan Board now owns 3,518 shares of the construction company's stock worth $502,000 after buying an additional 1,070 shares during the period. Chicago Partners Investment Group LLC grew its stake in Owens Corning by 69.3% during the first quarter. Chicago Partners Investment Group LLC now owns 2,079 shares of the construction company's stock worth $271,000 after buying an additional 851 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Owens Corning by 1.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 598,764 shares of the construction company's stock worth $85,515,000 after buying an additional 8,834 shares during the period. ASR Vermogensbeheer N.V. purchased a new stake in Owens Corning during the first quarter worth approximately $4,228,000. Finally, Vanguard Group Inc. grew its stake in Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after buying an additional 1,053,855 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on OC. Loop Capital decreased their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Wells Fargo & Company upped their target price on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Evercore ISI upped their target price on shares of Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research note on Friday. Finally, Royal Bank Of Canada decreased their target price on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Stock Performance

OC traded up $6.33 during trading hours on Tuesday, hitting $148.32. 260,008 shares of the stock were exchanged, compared to its average volume of 926,415. The stock has a 50-day simple moving average of $140.35 and a 200-day simple moving average of $146.68. Owens Corning Inc has a 12 month low of $123.40 and a 12 month high of $214.53. The stock has a market cap of $12.40 billion, a price-to-earnings ratio of 38.52, a price-to-earnings-growth ratio of 10.47 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95.

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

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Monday, July 21st. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Owens Corning announced that its Board of Directors has authorized a stock buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

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.