KLP Kapitalforvaltning AS Raises Position in Owens Corning Inc (NYSE:OC)

KLP Kapitalforvaltning AS grew its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 7.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 133,543 shares of the construction company's stock after purchasing an additional 9,700 shares during the period. KLP Kapitalforvaltning AS owned about 0.16% of Owens Corning worth $19,152,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Allstate Corp acquired a new stake in shares of Owens Corning in the 4th quarter valued at $425,000. Integrated Quantitative Investments LLC acquired a new stake in Owens Corning in the fourth quarter valued at about $349,000. OneDigital Investment Advisors LLC boosted its stake in Owens Corning by 33.3% in the first quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock valued at $234,000 after buying an additional 409 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Owens Corning by 11.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock valued at $4,416,000 after buying an additional 3,298 shares in the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in shares of Owens Corning by 32.0% in the 1st 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 in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Royal Bank Of Canada reduced their price target on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Loop Capital cut 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. Barclays cut their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Evercore ISI set a $165.00 target price on shares of Owens Corning in a research report on Thursday, May 15th. Finally, Wells Fargo & Company lifted their price target 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 research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and an average price target of $184.30.

Owens Corning Stock Up 1.0%

Shares of OC traded up $1.47 on Friday, reaching $145.91. The company's stock had a trading volume of 458,083 shares, compared to its average volume of 706,147. 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 Inc has a twelve month low of $123.40 and a twelve month high of $214.53. The stock has a market capitalization of $12.41 billion, a PE ratio of 51.38, a PEG ratio of 3.81 and a beta of 1.33. The firm has a fifty day moving average of $138.96 and a 200-day moving average of $149.93.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.82 by $0.15. The firm had revenue of $2.53 billion during 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 quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.40 earnings per share. Equities analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning announced that its Board of Directors has approved a share buyback plan on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Monday, July 21st will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.89%. Owens Corning's dividend payout ratio (DPR) is 97.18%.

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.