Lbp Am Sa Sells 6,489 Shares of Owens Corning Inc (NYSE:OC)

LBP AM SA lowered its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 27.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,387 shares of the construction company's stock after selling 6,489 shares during the quarter. LBP AM SA's holdings in Owens Corning were worth $2,483,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of OC. Price T Rowe Associates Inc. MD boosted its holdings in Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after acquiring an additional 414,770 shares during the period. Norges Bank purchased a new position in shares of Owens Corning during the 4th quarter valued at approximately $208,519,000. Northern Trust Corp boosted its stake in shares of Owens Corning by 27.4% during the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock valued at $164,335,000 after buying an additional 207,677 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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 valued at $123,634,000 after buying an additional 5,819 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Owens Corning by 20.7% during the 4th quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock valued at $126,849,000 after buying an additional 127,785 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on OC shares. Wells Fargo & Company raised their price objective on Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They set a "buy" rating and a $183.00 price objective on the stock. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a research note on Thursday, May 15th. Barclays lowered their target price on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $184.30.

Owens Corning Stock Down 2.0%

NYSE OC traded down $2.98 during trading on Monday, reaching $144.46. The company's stock had a trading volume of 845,918 shares, compared to its average volume of 866,012. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $12.29 billion, a PE ratio of 50.87, a PEG ratio of 3.89 and a beta of 1.33. The business has a 50-day moving average price of $138.56 and a 200-day moving average price of $151.58. Owens Corning Inc has a 1-year low of $123.41 and a 1-year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results 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 net margin of 2.28% and a return on equity of 25.03%. The firm had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same period in the previous year, the company earned $3.40 earnings per share. The company's revenue was up 25.4% compared to the same quarter last year. On average, research 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 initiated a share buyback program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.

Owens Corning Announces Dividend

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 given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning's dividend payout ratio is 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.