Invesco Ltd. Sells 85,931 Shares of Owens Corning Inc $OC

Key Points

• Invesco Ltd. reduced its stake in Owens Corning by 18.0% in Q1, owning 390,494 shares valued at $55.77 million after selling 85,931 shares during the period.
• Owens Corning reported earnings of $4.21 per share for the latest quarter, exceeding analysts' expectations of $3.80, with revenue of $2.75 billion.
• The company announced a quarterly dividend of $0.69, resulting in an annualized dividend of $2.76 and a dividend yield of 1.8%.

Invesco Ltd. decreased its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 18.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 390,494 shares of the construction company's stock after selling 85,931 shares during the period. Invesco Ltd. owned about 0.46% of Owens Corning worth $55,770,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. CoreCap Advisors LLC increased its holdings in Owens Corning by 3.3% during the 4th 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 in the last quarter. NorthCrest Asset Manangement LLC raised its holdings 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 buying an additional 74 shares during the last quarter. Menard Financial Group LLC lifted its position in Owens Corning by 3.6% during the 4th quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock worth $387,000 after buying an additional 80 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Owens Corning by 13.1% during the 4th 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 last quarter. Finally, UMB Bank n.a. raised its stake in shares of Owens Corning by 9.8% in the first quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock worth $143,000 after acquiring an additional 89 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Trading Up 1.7%

Shares of Owens Corning stock traded up $2.5360 during trading hours on Tuesday, hitting $152.3860. The company's stock had a trading volume of 630,753 shares, compared to its average volume of 865,158. The company has a market capitalization of $12.74 billion, a PE ratio of 39.58, a price-to-earnings-growth ratio of 10.71 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The stock has a 50 day moving average of $142.14 and a 200 day moving average of $145.41. Owens Corning Inc has a 12 month low of $123.40 and a 12 month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its 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. The business had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.Owens Corning's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the business earned $4.64 EPS. Analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently announced 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 presently 71.69%.

Owens Corning announced that its Board of Directors has approved a share repurchase plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have recently commented on OC. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note 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 research note on Thursday, August 7th. UBS Group cut their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada reduced their target price 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, August 7th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $184.60.

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.