Hodges Capital Management Inc. Decreases Holdings in Owens Corning Inc $OC

Key Points

• Hodges Capital Management Inc. decreased its holdings in Owens Corning Inc by 38.3% in the first quarter, resulting in ownership of 31,517 shares valued at approximately $4.5 million.
• Several institutional investors, including Vanguard Group and Price T Rowe Associates, have recently increased their stakes in Owens Corning, with Vanguard boosting its position by 12.0% and Price T Rowe Associates by 67.3%.
• Owens Corning reported earnings of $4.21 per share for the latest quarter, exceeding analysts' estimates, and declared a quarterly dividend of $0.69 per share with a yield of 1.8%.

Hodges Capital Management Inc. trimmed its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 38.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,517 shares of the construction company's stock after selling 19,590 shares during the period. Hodges Capital Management Inc.'s holdings in Owens Corning were worth $4,501,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after purchasing an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD boosted its position in 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 during the last quarter. LSV Asset Management boosted its position in Owens Corning by 1.9% in the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock valued at $210,812,000 after buying an additional 27,185 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Owens Corning by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock valued at $123,634,000 after buying an additional 5,819 shares during the last quarter. Finally, Millennium Management LLC boosted its position in Owens Corning by 179.0% in the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock valued at $123,287,000 after buying an additional 553,864 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on OC shares. Wells Fargo & Company upped their price objective on shares of Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a research report on Thursday. 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. Evercore ISI upped their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. Royal Bank Of Canada decreased their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Finally, UBS Group decreased their price objective on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $185.10.

Owens Corning Stock Up 3.0%

OC stock opened at $157.65 on Friday. The firm has a market cap of $13.18 billion, a price-to-earnings ratio of 40.95, a PEG ratio of 10.84 and a beta of 1.32. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The firm has a fifty day moving average price of $147.25 and a two-hundred day moving average price of $142.72. 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. Research analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

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

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.

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