Kestra Private Wealth Services LLC Makes New $1.23 Million Investment in Owens Corning Inc (NYSE:OC)

Kestra Private Wealth Services LLC purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,583 shares of the construction company's stock, valued at approximately $1,226,000.

Several other institutional investors have also recently made changes to their positions in OC. Private Advisor Group LLC grew its position in Owens Corning by 10.4% in the first quarter. Private Advisor Group LLC now owns 1,602 shares of the construction company's stock worth $229,000 after acquiring an additional 151 shares in the last quarter. Archer Investment Corp boosted its position in Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after buying an additional 100 shares during the period. Midwest Heritage Bank FSB purchased a new stake in shares of Owens Corning during the first quarter worth about $258,000. Burns Matteson Capital Management LLC purchased a new stake in shares of Owens Corning during the first quarter worth about $355,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Owens Corning by 54.6% during the first quarter. Victory Capital Management Inc. now owns 738,316 shares of the construction company's stock worth $105,446,000 after purchasing an additional 260,868 shares during the period. Institutional investors own 88.40% of the company's stock.

Wall Street Analyst Weigh In

OC has been the subject of a number of analyst reports. Barclays dropped their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. UBS Group dropped their target price on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Royal Bank Of Canada dropped their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price for the company. Finally, Wells Fargo & Company increased their target price on shares of Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Trading Up 1.0%

OC stock traded up $1.47 during trading on Friday, reaching $145.91. The company had a trading volume of 458,083 shares, compared to its average volume of 706,147. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53. The company has a market cap of $12.41 billion, a P/E ratio of 51.38, a PEG ratio of 3.81 and a beta of 1.33. The business has a 50 day moving average of $138.96 and a 200 day moving average of $149.93. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) 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 analysts' expectations of $2.52 billion. During the same quarter in the previous year, the business earned $3.40 earnings per share. The firm's quarterly revenue was up 25.4% compared to the same quarter last year. As a group, sell-side 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 authorized 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 repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership 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 issued a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.89%. Owens Corning's payout ratio is currently 97.18%.

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.