Mitsubishi UFJ Asset Management Co. Ltd. Buys 7,958 Shares of Owens Corning Inc (NYSE:OC)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Owens Corning Inc. by 12.9%, acquiring an additional 7,958 shares and now holds a total of 69,642 shares valued at approximately $9.95 million.
• Owens Corning reported strong earnings of $4.21 per share, exceeding analysts' expectations of $3.80, alongside a revenue of $2.75 billion in the latest quarter.
• The company also initiated a share repurchase program authorizing the buyback of 12 million shares, indicative of management’s belief that the shares are undervalued.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 12.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,642 shares of the construction company's stock after buying an additional 7,958 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.08% of Owens Corning worth $9,946,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bessemer Group Inc. lifted its position 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 buying an additional 106 shares during the period. Wayfinding Financial LLC bought a new position in shares of Owens Corning during the 1st quarter worth approximately $60,000. Covestor Ltd lifted its position in shares of Owens Corning by 15.7% during the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after buying an additional 63 shares during the period. Archer Investment Corp lifted its position in shares of Owens Corning by 17.9% during the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after buying an additional 100 shares during the period. Finally, Bayforest Capital Ltd bought a new position in shares of Owens Corning during the 1st quarter worth approximately $100,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Trading Down 1.4%

OC stock opened at $141.93 on Tuesday. The company has a market cap of $11.87 billion, a P/E ratio of 36.86, a PEG ratio of 10.47 and a beta of 1.32. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The business has a fifty day moving average of $140.35 and a 200-day moving average of $146.68.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. The company 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%. The firm's quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.64 earnings per share. As a group, equities research analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning announced that its Board of Directors has approved a share repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were given a dividend of $0.69 per share. The ex-dividend date was Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.9%. Owens Corning's payout ratio is presently 71.69%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OC. Wells Fargo & Company lifted their price objective on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Evercore ISI lifted their price objective on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday. Loop Capital cut their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. UBS Group cut their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $184.60.

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.

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