Ieq Capital LLC Acquires New Position in Owens Corning Inc $OC

Key Points

• Ieq Capital LLC has acquired a new position in Owens Corning Inc, purchasing 9,908 shares valued at approximately $1,415,000 during the first quarter.
• Owens Corning has recently reported earnings of $4.21 per share for the quarter, surpassing analysts' expectations of $3.80 and showing a 10% revenue increase year-over-year.
• The company has initiated a share buyback plan approving the repurchase of up to 12,000,000 shares, indicating confidence in its stock value.

Ieq Capital LLC bought a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,908 shares of the construction company's stock, valued at approximately $1,415,000.

Several other large investors also recently added to or reduced their stakes in the business. Ceredex Value Advisors LLC lifted its holdings in Owens Corning by 114.7% during the first quarter. Ceredex Value Advisors LLC now owns 238,500 shares of the construction company's stock valued at $34,063,000 after purchasing an additional 127,400 shares in the last quarter. Widmann Financial Services Inc. purchased a new position in Owens Corning during the first quarter valued at approximately $259,000. EMG Holdings L.P. lifted its holdings in Owens Corning by 16.1% during the first quarter. EMG Holdings L.P. now owns 31,359 shares of the construction company's stock valued at $4,479,000 after purchasing an additional 4,359 shares in the last quarter. Comerica Bank lifted its holdings in Owens Corning by 1.9% during the first quarter. Comerica Bank now owns 37,876 shares of the construction company's stock valued at $5,409,000 after purchasing an additional 699 shares in the last quarter. Finally, Freedom Investment Management Inc. lifted its holdings in Owens Corning by 106.1% during the first quarter. Freedom Investment Management Inc. now owns 4,242 shares of the construction company's stock valued at $606,000 after purchasing an additional 2,184 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OC shares. Wells Fargo & Company boosted their target price on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. UBS Group lowered their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Evercore ISI boosted their target price on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. Finally, Loop Capital lowered their target price on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $184.60.

Owens Corning Trading Up 2.8%

Shares of NYSE OC traded up $4.14 during mid-day trading on Thursday, reaching $152.15. The company had a trading volume of 820,465 shares, compared to its average volume of 926,586. The business's 50-day moving average is $145.74 and its 200-day moving average is $143.46. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The stock has a market cap of $12.72 billion, a price-to-earnings ratio of 39.52, a price-to-earnings-growth ratio of 10.73 and a beta of 1.32. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53.

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

Owens Corning announced that its board has authorized a share buyback program on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Owens Corning Dividend Announcement

The firm 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. The ex-dividend date of this dividend was Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. Owens Corning's dividend payout ratio is 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.