Owens Corning Inc $OC Stock Holdings Trimmed by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in Owens Corning Inc by 48.3%, holding 116,251 shares valued at approximately $16.57 million following a sale of 108,643 shares.
• Owens Corning's quarterly earnings report revealed earnings per share of $4.21, surpassing analysts' expectations of $3.80, with revenue increasing 10% year-over-year to $2.75 billion.
• The company has initiated a share buyback program allowing the purchase of up to 12 million shares, suggesting that the board believes the stock is undervalued.

Hsbc Holdings PLC reduced its position in Owens Corning Inc (NYSE:OC - Free Report) by 48.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,251 shares of the construction company's stock after selling 108,643 shares during the period. Hsbc Holdings PLC owned about 0.14% of Owens Corning worth $16,575,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of OC. CoreCap Advisors LLC grew its position in shares of Owens Corning by 3.3% in the fourth quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock valued at $305,000 after purchasing an additional 57 shares during the period. NorthCrest Asset Manangement LLC grew its position in shares of Owens Corning by 0.6% in the first quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock valued at $1,863,000 after purchasing an additional 74 shares during the period. Menard Financial Group LLC grew its position in shares of Owens Corning by 3.6% in the fourth quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock valued at $387,000 after purchasing an additional 80 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of 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 period. Finally, UMB Bank n.a. boosted its holdings in Owens Corning by 9.8% in the first quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock valued at $143,000 after acquiring an additional 89 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Down 0.2%

Shares of NYSE:OC traded down $0.29 during trading on Tuesday, hitting $153.23. The company's stock had a trading volume of 1,101,418 shares, compared to its average volume of 923,687. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The stock's 50-day moving average price is $143.72 and its two-hundred day moving average price is $144.38. The company has a market capitalization of $12.81 billion, a PE ratio of 39.80, a PEG ratio of 10.97 and a beta of 1.32.

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

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

Owens Corning Dividend Announcement

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

Wall Street Analysts Forecast Growth

OC has been the topic of a number of research analyst reports. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Wells Fargo & Company lifted their target price on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Evercore ISI lifted their target price on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Royal Bank Of Canada reduced their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Finally, UBS Group reduced their target price on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus 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.