Nisa Investment Advisors LLC Sells 20,191 Shares of Owens Corning Inc (NYSE:OC)

Nisa Investment Advisors LLC reduced its stake in Owens Corning Inc (NYSE:OC - Free Report) by 83.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,060 shares of the construction company's stock after selling 20,191 shares during the period. Nisa Investment Advisors LLC's holdings in Owens Corning were worth $588,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bessemer Group Inc. grew its holdings in shares of Owens Corning by 45.5% during the fourth quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after buying an additional 106 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Owens Corning in the 1st quarter valued at approximately $60,000. Covestor Ltd boosted its holdings in Owens Corning by 15.7% in the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after purchasing an additional 63 shares in the last quarter. Palouse Capital Management Inc. boosted its holdings in Owens Corning by 50.0% in the 1st 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 in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Owens Corning by 13.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after purchasing an additional 85 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Up 1.1%

Shares of OC stock traded up $1.57 during trading hours on Thursday, hitting $142.16. 179,294 shares of the company were exchanged, compared to its average volume of 861,624. Owens Corning Inc has a 52 week low of $123.41 and a 52 week high of $214.53. The business has a 50 day moving average of $138.72 and a two-hundred day moving average of $151.25. The company has a market capitalization of $12.09 billion, a PE ratio of 50.05, a PEG ratio of 3.71 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 (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the prior year, the firm earned $3.40 earnings per share. The company's revenue was up 25.4% on a year-over-year basis. Analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its board has initiated a share buyback plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Owens Corning Announces Dividend

The business also recently declared 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 of this dividend is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.94%. Owens Corning's payout ratio is currently 97.18%.

Analysts Set New Price Targets

OC has been the topic of a number of analyst reports. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research note on Tuesday, April 1st. They set a "buy" rating and a $183.00 price target on the stock. UBS Group dropped their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Evercore ISI set a $165.00 price target on Owens Corning in a report on Thursday, May 15th. Finally, Wells Fargo & Company raised their target price on Owens Corning from $160.00 to $165.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.