Millennium Management LLC Acquires 553,864 Shares of Owens Corning Inc $OC

Key Points

• Millennium Management LLC has increased its ownership in Owens Corning Inc by 179.0%, acquiring 553,864 shares, bringing its total to 863,230 shares valued at approximately $123.3 million.
• Owens Corning reported a quarterly earnings per share of $4.21, surpassing expectations and marking a 10% increase in year-over-year revenue.
• The company announced a quarterly dividend of $0.69 per share, reflecting an annualized payout of $2.76 and a dividend yield of 1.8%.

Millennium Management LLC lifted its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 179.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 863,230 shares of the construction company's stock after acquiring an additional 553,864 shares during the period. Millennium Management LLC owned about 1.01% of Owens Corning worth $123,287,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Gotham Asset Management LLC raised its position in shares of Owens Corning by 161.4% during the 1st quarter. Gotham Asset Management LLC now owns 104,432 shares of the construction company's stock valued at $14,915,000 after acquiring an additional 64,485 shares in the last quarter. Hancock Whitney Corp grew its stake in Owens Corning by 58.4% during the 1st quarter. Hancock Whitney Corp now owns 27,016 shares of the construction company's stock worth $3,858,000 after buying an additional 9,958 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its stake in Owens Corning by 26.4% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 6,802 shares of the construction company's stock worth $971,000 after buying an additional 1,421 shares during the last quarter. Cinctive Capital Management LP bought a new position in Owens Corning during the 1st quarter worth $238,000. Finally, Ariel Investments LLC bought a new position in Owens Corning during the 1st quarter worth $16,078,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on OC. Evercore ISI upped their price objective on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Wells Fargo & Company upped their price objective on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Barclays increased their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. UBS Group decreased their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada decreased their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Price Performance

OC stock traded up $4.06 during trading hours on Wednesday, hitting $153.18. 1,368,939 shares of the stock traded hands, compared to its average volume of 931,917. The stock has a 50-day simple moving average of $146.85 and a 200 day simple moving average of $142.68. Owens Corning Inc has a one year low of $123.40 and a one year high of $214.53. The company has a market cap of $12.81 billion, a P/E ratio of 39.79, a P/E/G ratio of 10.99 and a beta of 1.32. 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 (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating the consensus estimate of $3.80 by $0.41. The business had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.Owens Corning's revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the business posted $4.64 earnings per share. Equities analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

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

Owens Corning announced that its board has authorized a share repurchase program on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to reacquire shares of its stock through open market purchases. Stock buyback 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.