642,053 Shares in Owens Corning Inc (NYSE:OC) Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new position in Owens Corning Inc, purchasing 642,053 shares worth approximately $91.7 million, representing about 0.75% of the company.
• Owens Corning reported a Q2 EPS of $4.21, exceeding analyst estimates of $3.80, with quarterly revenue of $2.75 billion, up 10% year-over-year.
• The company announced a $0.69 quarterly dividend, reflecting a yield of 1.8% and a dividend payout ratio of 71.69%.

Nuveen LLC purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 642,053 shares of the construction company's stock, valued at approximately $91,698,000. Nuveen LLC owned 0.75% of Owens Corning as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. OneDigital Investment Advisors LLC grew its holdings in shares of Owens Corning by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock valued at $234,000 after purchasing an additional 409 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Owens Corning by 11.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock valued at $4,416,000 after purchasing an additional 3,298 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Owens Corning by 32.0% during the 1st quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company's stock valued at $10,404,000 after purchasing an additional 17,660 shares during the last quarter. Moran Wealth Management LLC grew its holdings in shares of Owens Corning by 31.4% during the 1st quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock valued at $20,076,000 after purchasing an additional 33,631 shares during the last quarter. Finally, Eisler Capital Management Ltd. bought a new position in shares of Owens Corning during the 4th quarter valued at $2,403,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

Shares of NYSE OC traded down $1.64 during trading on Friday, hitting $150.20. The company had a trading volume of 475,892 shares, compared to its average volume of 927,823. The stock has a 50 day simple moving average of $141.33 and a 200 day simple moving average of $146.49. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. Owens Corning Inc has a 12 month low of $123.40 and a 12 month high of $214.53. The firm has a market capitalization of $12.56 billion, a P/E ratio of 39.01, a price-to-earnings-growth ratio of 11.24 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $4.64 earnings per share. As a group, analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

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

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OC. Wells Fargo & Company raised their price target on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Royal Bank Of Canada cut their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. UBS Group dropped their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Finally, Evercore ISI boosted their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $184.60.

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.