AustralianSuper Pty Ltd Sells 122,563 Shares of Owens Corning Inc (NYSE:OC)

AustralianSuper Pty Ltd cut its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 20.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 471,268 shares of the construction company's stock after selling 122,563 shares during the period. AustralianSuper Pty Ltd owned 0.55% of Owens Corning worth $67,306,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its holdings in Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after purchasing an additional 414,770 shares during the last quarter. Norges Bank acquired a new stake in Owens Corning during the fourth quarter worth approximately $208,519,000. Northern Trust Corp raised its stake in Owens Corning by 27.4% during the fourth quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock worth $164,335,000 after purchasing an additional 207,677 shares during the period. Bank of New York Mellon Corp raised its position in shares of Owens Corning by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after buying an additional 5,819 shares during the period. Finally, First Trust Advisors LP increased its holdings in Owens Corning by 20.7% in the 4th quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock valued at $126,849,000 after purchasing an additional 127,785 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

Shares of Owens Corning stock traded down $1.61 during trading hours on Friday, reaching $140.08. The stock had a trading volume of 763,582 shares, compared to its average volume of 865,090. The stock's 50 day moving average is $138.92 and its 200 day moving average is $150.71. The firm has a market capitalization of $11.91 billion, a PE ratio of 49.32, a PEG ratio of 3.70 and a beta of 1.33. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. Owens Corning Inc has a twelve month low of $123.41 and a twelve month high of $214.53.

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

Owens Corning announced that its Board of Directors has approved a stock buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders 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 dividend yield of 1.97%. Owens Corning's dividend payout ratio is currently 97.18%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on OC shares. Barclays lowered their price target on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a research report on Thursday, May 15th. Royal Bank Of Canada reduced their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Loop Capital lowered their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, UBS Group reduced their price objective on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and a consensus price target of $184.30.

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.