LGT Group Foundation Has $67.73 Million Stake in Owens Corning Inc (NYSE:OC)

Key Points

• LGT Group Foundation has significantly increased its stake in Owens Corning, raising its holdings by 106.8% to approximately $67.73 million, making it the group's 27th largest position.
• Owens Corning recently reported earnings per share of $4.21, surpassing analysts' estimates of $3.80, with revenues up 10.0% year-over-year, totaling $2.75 billion.
• The company has authorized a share buyback program allowing for the reacquisition of up to 12 million shares, indicating that the board believes the stock is undervalued.

LGT Group Foundation increased its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 106.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 474,224 shares of the construction company's stock after purchasing an additional 244,927 shares during the period. Owens Corning makes up approximately 0.9% of LGT Group Foundation's holdings, making the stock its 27th largest position. LGT Group Foundation owned 0.56% of Owens Corning worth $67,729,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Bank Pictet & Cie Europe AG bought a new stake in shares of Owens Corning during the fourth quarter valued at approximately $28,651,000. Bank of Montreal Can increased its holdings in Owens Corning by 8.7% in the 4th quarter. Bank of Montreal Can now owns 17,143 shares of the construction company's stock valued at $2,920,000 after buying an additional 1,365 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Owens Corning in the 4th quarter valued at $51,220,000. Bessemer Group Inc. lifted its holdings in shares of Owens Corning by 45.5% during the 4th quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after acquiring an additional 106 shares during the period. Finally, Covestor Ltd boosted its position in shares of Owens Corning by 15.7% during the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after acquiring an additional 63 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on OC. Evercore ISI raised their price target 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. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. UBS Group lowered their price objective on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Barclays boosted their target price on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company raised 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. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $184.60.

Owens Corning Stock Down 1.4%

Owens Corning stock opened at $141.93 on Tuesday. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The company has a market cap of $11.87 billion, a P/E ratio of 36.86, a price-to-earnings-growth ratio of 10.47 and a beta of 1.32. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The company has a fifty day simple moving average of $140.35 and a 200 day simple moving average of $146.68.

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

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's payout ratio is 71.69%.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.