Oak Thistle LLC Makes New $388,000 Investment in Owens Corning Inc (NYSE:OC)

Key Points

• Oak Thistle LLC invested approximately $388,000 in Owens Corning Inc, acquiring 2,716 shares during the 1st quarter.
• Owens Corning recently reported $2.97 earnings per share for the quarter, surpassing analysts’ estimates and showing a 25.4% increase in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.69 per share, representing a yield of 1.89% and a payout ratio of 97.18%.

Oak Thistle LLC purchased a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,716 shares of the construction company's stock, valued at approximately $388,000.

A number of other institutional investors have also bought and sold shares of OC. CoreCap Advisors LLC raised its position in shares of Owens Corning by 3.3% in the fourth quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock valued at $305,000 after purchasing an additional 57 shares during the period. Covestor Ltd lifted its stake in 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 lifted its stake in 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. Menard Financial Group LLC raised its position in shares of Owens Corning by 3.6% in the fourth quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock worth $387,000 after buying an additional 80 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Owens Corning by 13.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after buying an additional 85 shares in the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Trading Up 0.3%

OC stock traded up $0.40 during mid-day trading on Tuesday, reaching $143.96. 163,775 shares of the stock traded hands, compared to its average volume of 921,671. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. Owens Corning Inc has a one year low of $123.40 and a one year high of $214.53. The stock has a market capitalization of $12.24 billion, a PE ratio of 50.65, a PEG ratio of 3.85 and a beta of 1.33. The business has a 50-day moving average price of $138.99 and a two-hundred day moving average price of $149.46.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.82 by $0.15. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. Owens Corning's quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.40 EPS. Equities research analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning declared that its board has initiated a share repurchase program on Wednesday, May 14th that permits the company to buyback 12,000,000 outstanding shares. This buyback authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a $0.69 dividend. The ex-dividend date is Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.92%. Owens Corning's dividend payout ratio (DPR) is currently 97.18%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on OC shares. Evercore ISI set a $165.00 price target on Owens Corning in a research report on Thursday, May 15th. Loop Capital decreased 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 note on Thursday, May 8th. Wells Fargo & Company lifted their price target on shares of Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. UBS Group decreased their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Royal Bank Of Canada decreased their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $184.30.

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.