Owens Corning Inc (NYSE:OC) Shares Sold by LPL Financial LLC

Key Points

• LPL Financial LLC has decreased its holdings in Owens Corning Inc by 37.5%, now owning approximately 47,949 shares valued at $6,848,000.
• Several large investors, including TD Asset Management Inc and HB Wealth Management LLC, have modified their stakes in Owens Corning, reflecting a trend of increasing institutional interest in the company.
• Owens Corning recently reported a quarterly EPS of $4.21, surpassing analyst expectations, and announced a quarterly dividend of $0.69 per share with a yield of 1.9%.

LPL Financial LLC lessened its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 37.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,949 shares of the construction company's stock after selling 28,798 shares during the quarter. LPL Financial LLC owned about 0.06% of Owens Corning worth $6,848,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. OneDigital Investment Advisors LLC raised its position 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 worth $234,000 after acquiring an additional 409 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position 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 worth $4,416,000 after acquiring an additional 3,298 shares in the last quarter. Wedge Capital Management L L P NC increased its position in shares of Owens Corning by 32.0% in the first 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 buying an additional 17,660 shares in the last quarter. Moran Wealth Management LLC increased its position in shares of Owens Corning by 31.4% in the first quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock valued at $20,076,000 after buying an additional 33,631 shares in the last quarter. Finally, Eisler Capital Management Ltd. purchased a new position in shares of Owens Corning in the fourth quarter valued at $2,403,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on OC shares. Loop Capital dropped their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Evercore ISI raised their price target on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. Wells Fargo & Company raised their price target on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Finally, Royal Bank Of Canada decreased their price objective 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. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $184.60.

Owens Corning Stock Down 0.7%

OC stock traded down $1.14 during midday trading on Friday, hitting $150.70. 187,050 shares of the company's stock were exchanged, compared to its average volume of 925,924. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The firm has a 50 day moving average price of $141.33 and a 200-day moving average price of $146.49. The stock has a market capitalization of $12.60 billion, a price-to-earnings ratio of 39.15, a price-to-earnings-growth ratio of 11.24 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate 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. On average, analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were given a $0.69 dividend. The ex-dividend date was Monday, July 21st. This represents a $2.76 annualized dividend and a dividend yield of 1.8%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Owens Corning declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.

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.