OMERS ADMINISTRATION Corp Has $2.07 Million Stock Holdings in Owens Corning Inc $OC

Key Points

• OMERS ADMINISTRATION Corp increased its holdings in Owens Corning Inc by 32.9%, acquiring 3,579 additional shares for a total of 14,464 shares valued at approximately $2.06 million.
• Owens Corning reported better-than-expected earnings with $4.21 EPS for the quarter, exceeding the consensus estimate of $3.80, and a revenue of $2.75 billion.
• The company declared a quarterly dividend of $0.69 per share, translating to an annualized dividend yield of 1.8% and a payout ratio of 71.69%.

OMERS ADMINISTRATION Corp lifted its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 32.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,464 shares of the construction company's stock after purchasing an additional 3,579 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Owens Corning were worth $2,066,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. CoreCap Advisors LLC increased its position in Owens Corning by 3.3% in the 4th quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock valued at $305,000 after acquiring an additional 57 shares during the period. NorthCrest Asset Manangement LLC raised its position in shares of Owens Corning by 0.6% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock worth $1,863,000 after buying an additional 74 shares in the last quarter. Menard Financial Group LLC raised its position in shares of Owens Corning by 3.6% during the 4th 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Owens Corning by 13.1% during the 4th 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. Finally, UMB Bank n.a. boosted its stake in Owens Corning by 9.8% during the 1st quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock valued at $143,000 after purchasing an additional 89 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OC. Royal Bank Of Canada dropped their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Loop Capital dropped their price objective 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. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. UBS Group dropped their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Finally, Barclays boosted their price objective 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 company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $184.60.

Owens Corning Stock Up 2.2%

Shares of Owens Corning stock traded up $3.30 during midday trading on Friday, hitting $155.66. The company's stock had a trading volume of 655,781 shares, compared to its average volume of 924,765. The firm has a market capitalization of $13.02 billion, a P/E ratio of 40.49, a PEG ratio of 10.58 and a beta of 1.32. The stock has a 50-day simple moving average of $146.03 and a 200-day simple moving average of $143.27. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. 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 issued its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping the consensus estimate of $3.80 by $0.41. The business had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.Owens Corning's revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm posted $4.64 earnings per share. As a group, sell-side analysts expect 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. Investors of record on Monday, July 21st were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Owens Corning announced that its board has initiated a share repurchase 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 typically an indication that the company's management believes its shares are undervalued.

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.