Owens Corning Inc $OC Shares Sold by National Bank of Canada FI

Key Points

• National Bank of Canada FI reduced its stake in Owens Corning Inc by 39.9%, selling 14,921 shares, bringing its total holdings to 22,502 shares valued at approximately $3.21 million.
• Owens Corning reported strong quarterly earnings, with earnings per share of $4.21, exceeding expectations of $3.80, and a revenue of $2.75 billion, up 10% year-over-year.
• The company announced a stock buyback plan for 12 million shares, indicating that its Board of Directors believes its stock is undervalued.

National Bank of Canada FI trimmed its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 39.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,502 shares of the construction company's stock after selling 14,921 shares during the quarter. National Bank of Canada FI's holdings in Owens Corning were worth $3,212,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Citigroup Inc. lifted its stake in Owens Corning by 56.3% in the 1st quarter. Citigroup Inc. now owns 120,806 shares of the construction company's stock worth $17,254,000 after purchasing an additional 43,528 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Owens Corning by 12.9% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,642 shares of the construction company's stock valued at $9,946,000 after buying an additional 7,958 shares during the period. Ontario Teachers Pension Plan Board raised its position in shares of Owens Corning by 43.7% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 3,518 shares of the construction company's stock valued at $502,000 after buying an additional 1,070 shares during the period. Chicago Partners Investment Group LLC raised its position in shares of Owens Corning by 69.3% during the 1st quarter. Chicago Partners Investment Group LLC now owns 2,079 shares of the construction company's stock valued at $271,000 after buying an additional 851 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Owens Corning by 1.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 598,764 shares of the construction company's stock valued at $85,515,000 after buying an additional 8,834 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OC has been the topic of several analyst reports. UBS Group reduced their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Loop Capital reduced their price target on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company lifted their price target on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Barclays lifted their price target on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Finally, Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Owens Corning has a consensus rating of "Moderate Buy" and a consensus target price of $184.60.

Owens Corning Trading Up 2.5%

Owens Corning stock traded up $3.68 during trading on Tuesday, hitting $153.53. The company had a trading volume of 150,169 shares, compared to its average volume of 921,489. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The company's 50 day simple moving average is $141.88 and its 200-day simple moving average is $145.36. The stock has a market cap of $12.84 billion, a price-to-earnings ratio of 39.88, a price-to-earnings-growth ratio of 10.74 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter last year, the firm earned $4.64 EPS. The firm's revenue for the quarter was up 10.0% on a year-over-year basis. As a group, analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were paid a $0.69 dividend. The ex-dividend date was Monday, July 21st. This represents a $2.76 annualized dividend and a dividend yield of 1.8%. Owens Corning's payout ratio is 71.69%.

Owens Corning declared that its board has approved a stock buyback program on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is 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.