Janney Montgomery Scott LLC Reduces Position in Owens Corning Inc (NYSE:OC)

Janney Montgomery Scott LLC lessened its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 55.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 29,410 shares of the construction company's stock after selling 37,342 shares during the period. Janney Montgomery Scott LLC's holdings in Owens Corning were worth $4,200,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Ritholtz Wealth Management grew its stake in shares of Owens Corning by 7.4% in the first quarter. Ritholtz Wealth Management now owns 17,613 shares of the construction company's stock valued at $2,515,000 after buying an additional 1,214 shares in the last quarter. Palouse Capital Management Inc. grew its holdings in shares of Owens Corning by 50.0% during the first quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock worth $112,000 after buying an additional 262 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Owens Corning by 21.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,720 shares of the construction company's stock worth $1,245,000 after acquiring an additional 1,558 shares during the period. Smithbridge Asset Management Inc. DE purchased a new position in shares of Owens Corning during the 1st quarter worth approximately $2,370,000. Finally, Donald L. Hagan LLC increased its holdings in shares of Owens Corning by 2.1% in the 1st quarter. Donald L. Hagan LLC now owns 11,750 shares of the construction company's stock valued at $1,678,000 after purchasing an additional 242 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

OC opened at $135.69 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. The firm has a market cap of $11.54 billion, a PE ratio of 47.78, a P/E/G ratio of 3.48 and a beta of 1.34. The business has a fifty day simple moving average of $138.08 and a 200-day simple moving average of $155.41. Owens Corning Inc has a fifty-two week low of $123.41 and a fifty-two week high of $214.53.

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

Owens Corning declared that its board has approved a share repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be issued a dividend of $0.69 per share. The ex-dividend date is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.03%. Owens Corning's dividend payout ratio is currently 97.18%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Loop Capital dropped their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price on the stock. Barclays cut 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. Finally, Royal Bank Of Canada reduced their price objective on Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $183.80.

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.

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