Owens Corning Inc (NYSE:OC) Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank has reduced its stake in Owens Corning Inc by 1.5%, now holding 242,000 shares valued at approximately $34.56 million.
• Several hedge funds, including Mitsubishi UFJ Asset Management Co. and Ontario Teachers Pension Plan Board, have significantly increased their stakes in Owens Corning this quarter.
• Owens Corning posted earnings of $4.21 per share, surpassing analyst expectations, with a revenue of $2.75 billion, marking a 10% year-over-year increase.

Swiss National Bank trimmed its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 1.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 242,000 shares of the construction company's stock after selling 3,700 shares during the quarter. Swiss National Bank owned 0.28% of Owens Corning worth $34,562,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Bessemer Group Inc. boosted its stake 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 valued at $57,000 after purchasing an additional 106 shares during the period. Wayfinding Financial LLC purchased a new stake in shares of Owens Corning during the first quarter valued at $60,000. Covestor Ltd boosted its stake in shares of Owens Corning by 15.7% during the fourth quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after purchasing an additional 63 shares during the period. Archer Investment Corp boosted its stake in shares of Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after purchasing an additional 100 shares during the period. Finally, Bayforest Capital Ltd purchased a new stake in shares of Owens Corning during the first quarter valued at $100,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Down 2.2%

Owens Corning stock traded down $3.45 during trading hours on Thursday, reaching $151.96. The stock had a trading volume of 726,079 shares, compared to its average volume of 930,758. The company has a market cap of $12.71 billion, a price-to-earnings ratio of 39.47, a PEG ratio of 10.88 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The business's 50 day moving average price is $141.00 and its 200-day moving average price is $146.76. 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, beating the consensus estimate of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the prior year, the company posted $4.64 earnings per share. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. Sell-side analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning declared that its Board of Directors has authorized a stock buyback program on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, July 21st. Owens Corning's dividend payout ratio is 71.69%.

Analysts Set New Price Targets

OC has been the subject of a number of recent analyst reports. UBS Group lowered their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company boosted their target price 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 price objective on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Barclays upped their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Finally, 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 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. Based on data from MarketBeat, Owens Corning has an average rating of "Moderate Buy" and an average target price of $184.60.

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.