Owens Corning Inc (NYSE:OC) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Owens Corning by 29.2% during the first quarter, owning 4,976 shares worth approximately $710,000.
• A recent analysis from several financial institutions shows varying price targets for Owens Corning, with Loop Capital lowering the target from $203 to $180 while Barclays raised theirs from $167 to $173.
• Owens Corning reported $4.21 EPS for the most recent quarter, exceeding expectations and reflecting a 10.0% increase in revenue year-over-year.

Gulf International Bank UK Ltd trimmed its position in Owens Corning Inc (NYSE:OC - Free Report) by 29.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,976 shares of the construction company's stock after selling 2,057 shares during the period. Gulf International Bank UK Ltd's holdings in Owens Corning were worth $710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Bank Pictet & Cie Europe AG purchased a new position in Owens Corning during the 4th quarter worth approximately $28,651,000. Barclays PLC raised its holdings in shares of Owens Corning by 43.6% during the fourth quarter. Barclays PLC now owns 180,579 shares of the construction company's stock worth $30,756,000 after purchasing an additional 54,823 shares during the last quarter. Mariner LLC boosted its holdings in Owens Corning by 5.5% in the fourth quarter. Mariner LLC now owns 6,885 shares of the construction company's stock valued at $1,173,000 after purchasing an additional 362 shares during the last quarter. CreativeOne Wealth LLC grew its position in Owens Corning by 7.9% during the 4th quarter. CreativeOne Wealth LLC now owns 1,546 shares of the construction company's stock worth $263,000 after purchasing an additional 113 shares during the period. Finally, NewEdge Advisors LLC raised its stake in shares of Owens Corning by 13.3% during the 4th quarter. NewEdge Advisors LLC now owns 12,521 shares of the construction company's stock valued at $2,133,000 after buying an additional 1,470 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on OC shares. Loop Capital lowered 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. UBS Group lowered their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Evercore ISI lifted their target price on shares of Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Royal Bank Of Canada lowered their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Finally, Barclays lifted their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Stock Down 1.1%

Shares of NYSE OC opened at $150.20 on Friday. The firm has a market cap of $12.56 billion, a price-to-earnings ratio of 39.01, a price-to-earnings-growth ratio of 10.87 and a beta of 1.32. The company's 50-day simple moving average is $141.63 and its 200-day simple moving average is $145.92. 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 52-week low of $123.40 and a 52-week high of $214.53.

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

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

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were issued a $0.69 dividend. The ex-dividend date 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%.

About Owens Corning

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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