Mirae Asset Global Investments Co. Ltd. Lowers Stake in Owens Corning Inc (NYSE:OC)

Mirae Asset Global Investments Co. Ltd. cut its stake in Owens Corning Inc (NYSE:OC - Free Report) by 66.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,881 shares of the construction company's stock after selling 5,754 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Owens Corning were worth $411,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CoreCap Advisors LLC boosted its position in Owens Corning by 3.3% in the fourth quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock valued at $305,000 after buying an additional 57 shares in the last quarter. Parallel Advisors LLC increased its position in Owens Corning by 2.5% in the 4th quarter. Parallel Advisors LLC now owns 2,578 shares of the construction company's stock valued at $439,000 after acquiring an additional 62 shares during the period. Covestor Ltd raised its stake in shares of Owens Corning by 15.7% during the fourth quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after acquiring an additional 63 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in Owens Corning by 0.6% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock worth $1,863,000 after buying an additional 74 shares during the period. Finally, Menard Financial Group LLC boosted its holdings in Owens Corning by 3.6% in the fourth quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock valued at $387,000 after acquiring an additional 80 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Trading Down 2.0%

OC stock traded down $2.88 during midday trading on Monday, hitting $142.38. The company had a trading volume of 754,146 shares, compared to its average volume of 861,832. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. Owens Corning Inc has a 52 week low of $123.41 and a 52 week high of $214.53. The stock's 50 day moving average price is $138.45 and its 200 day moving average price is $152.43. The stock has a market cap of $12.11 billion, a price-to-earnings ratio of 50.13, a PEG ratio of 3.83 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $2.52 billion. During the same period last year, the firm earned $3.40 earnings per share. Owens Corning's quarterly revenue was up 25.4% on a year-over-year basis. As a group, equities research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors 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 annualized dividend and a dividend yield of 1.94%. Owens Corning's payout ratio is 97.18%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on OC shares. Wells Fargo & Company boosted their price objective on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Barclays dropped their price target 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. Evercore ISI set a $165.00 price target on Owens Corning in a report on Thursday, May 15th. 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 target price on the stock. Finally, Royal Bank Of Canada reduced their price objective on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research note 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. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $183.80.

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.