ING Groep NV Makes New Investment in Owens Corning Inc (NYSE:OC)

Key Points

• ING Groep NV has acquired a new stake in Owens Corning Inc, purchasing 39,736 shares valued at approximately $5.7 million in the first quarter, as reported in a recent SEC filing.
• Owens Corning announced a quarterly dividend of $0.69 per share, amounting to an annualized yield of 2.0%, with the ex-dividend date on July 21st.
• The company's recent earnings report showed a profit of $2.97 EPS, exceeding analysts' expectations, with revenues rising by 25.4% year-over-year to $2.53 billion.

ING Groep NV purchased a new stake in Owens Corning Inc (NYSE:OC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 39,736 shares of the construction company's stock, valued at approximately $5,675,000.

Several other institutional investors and hedge funds also recently modified their holdings of OC. OneDigital Investment Advisors LLC increased its stake in shares of Owens Corning by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock worth $234,000 after purchasing an additional 409 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Owens Corning by 11.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock worth $4,416,000 after purchasing an additional 3,298 shares during the period. Wedge Capital Management L L P NC raised its position in shares of Owens Corning by 32.0% in the first quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company's stock valued at $10,404,000 after purchasing an additional 17,660 shares during the period. Moran Wealth Management LLC lifted its stake in shares of Owens Corning by 31.4% during the 1st quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock worth $20,076,000 after buying an additional 33,631 shares during the last quarter. Finally, Eisler Capital Management Ltd. acquired a new stake in shares of Owens Corning during the 4th quarter worth about $2,403,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

Shares of OC stock traded down $3.27 during trading hours on Friday, reaching $143.90. The company's stock had a trading volume of 778,124 shares, compared to its average volume of 815,397. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The firm's 50 day simple moving average is $140.16 and its 200-day simple moving average is $147.56. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $12.03 billion, a price-to-earnings ratio of 37.38, a PEG ratio of 3.89 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share 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 during the quarter, compared to the consensus estimate of $2.70 billion. During the same period in the prior year, the company earned $4.64 EPS. Owens Corning's revenue for the quarter was up 10.0% on a year-over-year basis. Sell-side analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning declared that its Board of Directors has approved a stock buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors 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 yield of 1.9%. The ex-dividend date was Monday, July 21st. Owens Corning's dividend payout ratio is currently 71.69%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Barclays increased their price target on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday. Royal Bank Of Canada decreased their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday. Wells Fargo & Company lifted their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday. Loop Capital decreased their target price on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Evercore ISI raised 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. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $184.60.

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.