Owens Corning Inc (NYSE:OC) Shares Sold by National Pension Service

Key Points

• National Pension Service has reduced its stake in Owens Corning Inc by 64.6%, owning now 75,025 shares worth approximately $10.7 million as of the latest SEC filing.
• Owens Corning reported a 10% increase in revenue year-over-year for the last quarter, with earnings per share of $4.21, exceeding expectations by $0.41.
• The company's Board of Directors approved a stock buyback plan allowing repurchase of 12 million shares, indicating potential confidence in the stock's valuation.

National Pension Service cut its stake in Owens Corning Inc (NYSE:OC - Free Report) by 64.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,025 shares of the construction company's stock after selling 136,644 shares during the period. National Pension Service owned 0.09% of Owens Corning worth $10,715,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Wayfinding Financial LLC acquired a new stake in Owens Corning in the 1st quarter valued at approximately $60,000. Archer Investment Corp grew its stake in shares of Owens Corning by 17.9% in the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after purchasing an additional 100 shares in the last quarter. Bayforest Capital Ltd acquired a new position in shares of Owens Corning during the first quarter valued at $100,000. Palouse Capital Management Inc. increased its holdings in shares of Owens Corning by 50.0% during the first quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock valued at $112,000 after purchasing an additional 262 shares during the period. Finally, Allworth Financial LP raised its stake in shares of Owens Corning by 86.6% during the first quarter. Allworth Financial LP now owns 819 shares of the construction company's stock valued at $118,000 after purchasing an additional 380 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

Shares of NYSE OC opened at $150.20 on Friday. The stock's fifty day simple moving average is $141.63 and its 200 day simple moving average is $145.92. The stock has a market capitalization of $12.56 billion, a price-to-earnings ratio of 39.01, a PEG ratio of 10.87 and a beta of 1.32. 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 released its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. The business had revenue of $2.75 billion during the quarter, compared to analyst estimates 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 for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the company posted $4.64 EPS. As a group, sell-side analysts forecast 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 shares. This repurchase authorization permits the construction company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Owens Corning Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have commented on the stock. Barclays raised their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Wells Fargo & Company raised their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Evercore ISI upped their target price on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Finally, 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. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and an average price target of $184.60.

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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