Massachusetts Financial Services Co. MA Grows Holdings in Owens Corning Inc (NYSE:OC)

Massachusetts Financial Services Co. MA raised its position in Owens Corning Inc (NYSE:OC - Free Report) by 236.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,839 shares of the construction company's stock after purchasing an additional 9,730 shares during the period. Massachusetts Financial Services Co. MA's holdings in Owens Corning were worth $1,976,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 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. Wayfinding Financial LLC purchased a new position in Owens Corning in the first quarter valued at approximately $60,000. Covestor Ltd raised its holdings in Owens Corning by 15.7% in the fourth quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after buying an additional 63 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Owens Corning by 13.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after buying an additional 85 shares during the period. Finally, Coppell Advisory Solutions LLC raised its holdings in Owens Corning by 101.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 763 shares of the construction company's stock valued at $129,000 after buying an additional 384 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Loop Capital lowered 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. Wells Fargo & Company raised their price target on shares of Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada decreased their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price objective for the company. Finally, Barclays lowered their price objective on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $184.30.

Owens Corning Stock Down 1.1%

Shares of NYSE:OC opened at $140.08 on Monday. The company has a market cap of $11.91 billion, a PE ratio of 49.32, a price-to-earnings-growth ratio of 3.70 and a beta of 1.33. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. The firm has a 50 day simple moving average of $138.92 and a 200 day simple moving average of $150.58. Owens Corning Inc has a 52 week low of $123.41 and a 52 week 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 EPS for the quarter, beating the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the company posted $3.40 earnings per share. The company's revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be paid a $0.69 dividend. The ex-dividend date is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.97%. Owens Corning's dividend payout ratio (DPR) is presently 97.18%.

Owens Corning declared that its board has initiated a stock buyback program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management 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.

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