Manning & Napier Advisors LLC Purchases Shares of 6,169 Owens Corning Inc (NYSE:OC)

Manning & Napier Advisors LLC acquired a new position in Owens Corning Inc (NYSE:OC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,169 shares of the construction company's stock, valued at approximately $881,000.

Several other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in Owens Corning in the fourth quarter worth $208,519,000. Price T Rowe Associates Inc. MD grew its stake in shares of 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 buying an additional 414,770 shares in the last quarter. Raiffeisen Bank International AG bought a new stake in shares of Owens Corning in the 4th quarter worth about $51,400,000. Raymond James Financial Inc. bought a new stake in shares of Owens Corning in the 4th quarter worth about $51,220,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Owens Corning during the 4th quarter valued at about $41,252,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Up 2.9%

Shares of OC opened at $135.69 on Tuesday. The firm has a fifty day moving average price of $138.08 and a 200-day moving average price of $155.41. 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 market capitalization of $11.54 billion, a P/E ratio of 47.78, a P/E/G ratio of 3.48 and a beta of 1.34. Owens Corning Inc has a 12-month low of $123.41 and a 12-month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. The company had revenue of $2.53 billion during 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 firm's revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter last year, the business posted $3.40 EPS. Equities research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be issued a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.03%. Owens Corning's payout ratio is 97.18%.

Owens Corning declared that its board has approved a stock repurchase program on Wednesday, May 14th that permits the company to buyback 12,000,000 outstanding shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have weighed in on OC. Loop Capital reduced their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Evercore ISI set a $165.00 target price on Owens Corning in a report on Thursday, May 15th. Wells Fargo & Company increased their price target on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Finally, Barclays cut their price objective on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $183.80.

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.

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