Mirae Asset Global Investments Co. Ltd. Sells 5,754 Shares of Owens Corning Inc (NYSE:OC)

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

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CoreCap Advisors LLC boosted its holdings in shares of Owens Corning by 3.3% in the 4th quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock worth $305,000 after purchasing an additional 57 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Owens Corning by 2.5% in the 4th quarter. Parallel Advisors LLC now owns 2,578 shares of the construction company's stock worth $439,000 after purchasing an additional 62 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Owens Corning by 15.7% in the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after purchasing an additional 63 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its holdings in shares of Owens Corning by 0.6% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock worth $1,863,000 after purchasing an additional 74 shares in the last quarter. Finally, Menard Financial Group LLC boosted its holdings in shares of Owens Corning by 3.6% in the 4th quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock worth $387,000 after purchasing an additional 80 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OC has been the subject of a number of research reports. UBS Group cut their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Loop Capital dropped their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Wells Fargo & Company increased their target price on Owens Corning from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday. Finally, Royal Bank Of Canada dropped their target price on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Trading Up 2.0%

NYSE OC traded up $2.96 on Wednesday, hitting $147.66. The company's stock had a trading volume of 819,759 shares, compared to its average volume of 863,727. Owens Corning Inc has a 52-week low of $123.41 and a 52-week high of $214.53. 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 company's 50-day simple moving average is $138.47 and its 200 day simple moving average is $152.16. The firm has a market cap of $12.56 billion, a P/E ratio of 51.99, a PEG ratio of 3.82 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share 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 business had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter last year, the business posted $3.40 EPS. The business's revenue was up 25.4% on a year-over-year basis. Research analysts predict that Owens Corning Inc will post 15.49 EPS 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 buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning's dividend payout ratio is currently 97.18%.

About Owens Corning

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.