Owens Corning Inc $OC Shares Sold by Lansforsakringar Fondforvaltning AB publ

Key Points

• Lansforsakringar Fondforvaltning AB reduced its stake in Owens Corning Inc by 11.1%, now holding 104,150 shares valued at $14.88 million.
• Owens Corning reported a quarterly earnings per share of $4.21, beating estimates by $0.41, with revenues up 10.0% year-over-year.
• The company announced a dividend of $0.69 per share, representing an annualized yield of 1.8%, and has a stock buyback plan for 12 million shares in place.

Lansforsakringar Fondforvaltning AB publ decreased its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 11.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,150 shares of the construction company's stock after selling 13,000 shares during the period. Lansforsakringar Fondforvaltning AB publ owned about 0.12% of Owens Corning worth $14,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OC. Vanguard Group Inc. lifted its holdings in Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after purchasing an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock valued at $339,930,000 after buying an additional 957,295 shares in the last quarter. LSV Asset Management boosted its holdings in Owens Corning by 1.9% in the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock worth $210,812,000 after buying an additional 27,185 shares during the last quarter. Northern Trust Corp boosted its holdings in Owens Corning by 27.4% in the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock worth $164,335,000 after buying an additional 207,677 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Owens Corning by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after buying an additional 5,819 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Trading Down 1.5%

Shares of OC stock traded down $2.30 on Monday, hitting $150.11. 870,699 shares of the stock traded hands, compared to its average volume of 941,858. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53. The firm's 50-day moving average price is $144.98 and its two-hundred day moving average price is $143.59. The stock has a market capitalization of $12.55 billion, a PE ratio of 38.99, a PEG ratio of 10.73 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. Owens Corning's quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.64 earnings per share. As a group, analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning announced that its board has initiated a stock repurchase program on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were issued a $0.69 dividend. The ex-dividend date 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 currently 71.69%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OC. Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Evercore ISI lifted their target price on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Barclays increased their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. UBS Group decreased their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Finally, Wells Fargo & Company upped their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $184.60.

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.