Magnetar Financial LLC Buys 26,737 Shares of Owens Corning Inc $OC

Key Points

• Magnetar Financial LLC significantly increased its stake in Owens Corning Inc by purchasing an additional 26,737 shares, raising its total holdings to 32,987 shares valued at approximately $4.71 million.
• Several institutional investors also expanded their positions in Owens Corning, with Vanguard Group Inc and Price T Rowe Associates Inc increasing their holdings by 12% and 67%, respectively.
• Owens Corning reported strong quarterly results, earning $4.21 per share, exceeding analyst expectations, and announced a $0.69 quarterly dividend with an annual yield of 1.8%.

Magnetar Financial LLC raised its stake in Owens Corning Inc (NYSE:OC - Free Report) by 427.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,987 shares of the construction company's stock after buying an additional 26,737 shares during the period. Magnetar Financial LLC's holdings in Owens Corning were worth $4,711,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Owens Corning by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after buying an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of 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 during the last quarter. LSV Asset Management grew its position in shares of Owens Corning by 1.9% in the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock valued at $210,812,000 after buying an additional 27,185 shares during the last quarter. Northern Trust Corp grew its position in shares of Owens Corning by 27.4% in 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. Finally, Bank of New York Mellon Corp grew its position in shares of Owens Corning by 0.7% in 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. Institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on OC shares. Wells Fargo & Company upped their target price on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. UBS Group cut their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. 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 report on Thursday, May 8th. Royal Bank Of Canada lowered their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Finally, Evercore ISI lifted their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research note on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Stock Down 1.5%

Shares of NYSE:OC opened at $150.11 on Friday. The business's 50 day simple moving average is $144.98 and its two-hundred day simple moving average is $144.06. The firm has a market cap of $12.55 billion, a P/E ratio of 38.99, a PEG ratio of 10.89 and a beta of 1.32. 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 52-week low of $123.40 and a 52-week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company's quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.64 earnings per share. As a group, research analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

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

Owens Corning announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is 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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

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.