LSV Asset Management Has $210.81 Million Stock Holdings in Owens Corning Inc (NYSE:OC)

Key Points

• LSV Asset Management increased its position in Owens Corning Inc by 1.9% during the first quarter, bringing its total stake to 1,476,067 shares valued at $210.81 million.
• Several analysts have recently downgraded their price targets for Owens Corning, with UBS lowering its target from $235.00 to $218.00, while also maintaining a "buy" rating.
• Owens Corning reported earnings of $2.97 per share in its last quarter, surpassing analysts' expectations and achieving a revenue of $2.53 billion, a 25.4% increase year-over-year.

LSV Asset Management raised its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,476,067 shares of the construction company's stock after buying an additional 27,185 shares during the period. LSV Asset Management owned approximately 1.73% of Owens Corning worth $210,812,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Owens Corning by 41.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after purchasing an additional 414,770 shares during the period. Northern Trust Corp boosted its holdings in shares of Owens Corning by 27.4% during the fourth quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock worth $164,335,000 after purchasing an additional 207,677 shares during the period. Bank of New York Mellon Corp lifted its stake in Owens Corning by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock valued at $123,634,000 after acquiring an additional 5,819 shares during the last quarter. First Trust Advisors LP lifted its stake in Owens Corning by 20.7% in the fourth quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock valued at $126,849,000 after acquiring an additional 127,785 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Owens Corning by 1.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 739,669 shares of the construction company's stock valued at $125,980,000 after acquiring an additional 12,394 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Performance

NYSE:OC traded up $1.01 during trading hours on Monday, hitting $137.57. 794,197 shares of the company traded hands, compared to its average volume of 761,318. The stock has a market capitalization of $11.70 billion, a price-to-earnings ratio of 48.44, a P/E/G ratio of 3.61 and a beta of 1.32. 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 firm has a 50-day moving average of $139.29 and a 200 day moving average of $148.47. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. The firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The business's revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.40 EPS. On average, analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

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

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Monday, July 21st will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning's payout ratio is 97.18%.

Analysts Set New Price Targets

OC has been the subject of a number of analyst reports. Evercore ISI set a $165.00 target price on shares of Owens Corning in a research note on Thursday, May 15th. UBS Group reduced their target price on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wells Fargo & Company boosted their price objective on shares of Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Loop Capital reduced their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $184.30.

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.