Northern Trust Corp Trims Stock Position in Owens Corning Inc $OC

Key Points

• Northern Trust Corp reduced its stock position in Owens Corning Inc by 1.8%, owning 947,885 shares worth approximately $135.4 million after selling 16,976 shares in the first quarter.
• Owens Corning reported $4.21 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $3.80, with a revenue of $2.75 billion, up 10% year-over-year.
• The company announced a share buyback plan allowing the repurchase of 12 million shares, indicating management's belief that the stock is currently undervalued.

Northern Trust Corp trimmed its position in Owens Corning Inc (NYSE:OC - Free Report) by 1.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 947,885 shares of the construction company's stock after selling 16,976 shares during the quarter. Northern Trust Corp owned about 1.11% of Owens Corning worth $135,377,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wayfinding Financial LLC purchased a new stake in Owens Corning during the 1st quarter valued at approximately $60,000. Archer Investment Corp lifted its position in shares of Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after purchasing an additional 100 shares during the last quarter. Bayforest Capital Ltd bought a new stake in shares of Owens Corning during the first quarter worth $100,000. Palouse Capital Management Inc. raised its holdings in shares of Owens Corning by 50.0% in the first quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock valued at $112,000 after acquiring an additional 262 shares in the last quarter. Finally, Brooklyn Investment Group raised its holdings in shares of Owens Corning by 260.8% in the first quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock valued at $112,000 after acquiring an additional 566 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

OC stock opened at $155.6950 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The firm has a market capitalization of $13.02 billion, a P/E ratio of 40.44, a P/E/G ratio of 10.61 and a beta of 1.32. The business's 50-day moving average is $142.97 and its two-hundred day moving average is $145.04. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53.

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

Owens Corning announced that its board has initiated a share buyback plan 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. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Owens Corning Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Loop Capital cut their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada decreased their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Evercore ISI boosted their price target on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Finally, Barclays upped their target price on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Eight equities 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.com, Owens Corning has a consensus rating of "Moderate Buy" and a consensus price target 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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