Inspire Advisors LLC Acquires Shares of 6,066 Owens Corning Inc (NYSE:OC)

Key Points

• Inspire Advisors LLC has acquired a stake in Owens Corning Inc, purchasing 6,066 shares valued at approximately $866,000 during the first quarter.
• Owens Corning recently announced a quarterly dividend of $0.69 per share, resulting in an annualized yield of 1.89%, with a dividend payout ratio of 97.18%.
• Several analysts have given Owens Corning a "Moderate Buy" rating with a consensus price target of $184.30, reflecting positive expectations for the company's stock performance.

Inspire Advisors LLC acquired a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,066 shares of the construction company's stock, valued at approximately $866,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in OC. CoreCap Advisors LLC boosted its stake in Owens Corning by 3.3% during the fourth quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock worth $305,000 after buying an additional 57 shares during the last quarter. Covestor Ltd raised its position in shares of Owens Corning by 15.7% during the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after buying an additional 63 shares during the period. NorthCrest Asset Manangement LLC lifted its holdings in 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 acquiring an additional 74 shares during the last quarter. Menard Financial Group LLC grew its position in Owens Corning by 3.6% in the fourth quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock worth $387,000 after acquiring an additional 80 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 worth $125,000 after acquiring an additional 85 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Barclays reduced their target price on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company boosted their price objective on shares of Owens Corning from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada decreased their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price target for the company. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and a consensus price target of $184.30.

Owens Corning Stock Performance

Shares of NYSE OC traded down $2.36 during midday trading on Monday, reaching $143.54. 659,826 shares of the company were exchanged, compared to its average volume of 682,941. The stock has a market cap of $12.21 billion, a P/E ratio of 50.54, a PEG ratio of 3.85 and a beta of 1.33. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The stock has a fifty day simple moving average of $138.99 and a 200 day simple moving average of $149.46. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The company's revenue was up 25.4% on a year-over-year basis. During the same period last year, the business posted $3.40 EPS. On average, research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its Board of Directors has approved a share buyback program on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be given a $0.69 dividend. The ex-dividend date is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.92%. Owens Corning's dividend payout ratio (DPR) is 97.18%.

About Owens Corning

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.