Owens Corning Inc $OC Holdings Trimmed by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its stake in Owens Corning Inc by 51.0% in the 1st quarter, now holding approximately 105,186 shares valued at around $15 million.
• Owens Corning's latest earnings report showed $4.21 EPS, exceeding analyst expectations, with revenues of $2.75 billion, reflecting a 10.0% year-over-year increase.
• The company has announced a quarterly dividend of $0.69 per share and is set to initiate a share buyback program of up to 12 million shares, signaling confidence in its stock value.

Royal Bank of Canada trimmed its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 51.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 105,186 shares of the construction company's stock after selling 109,569 shares during the period. Royal Bank of Canada owned 0.12% of Owens Corning worth $15,024,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wayfinding Financial LLC purchased a new position in Owens Corning during the 1st quarter worth approximately $60,000. Archer Investment Corp grew its position in Owens Corning by 17.9% during the 1st 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. Quarry LP grew its position in Owens Corning by 36.0% during the 1st quarter. Quarry LP now owns 676 shares of the construction company's stock worth $97,000 after purchasing an additional 179 shares in the last quarter. Bayforest Capital Ltd purchased a new position in Owens Corning during the 1st quarter worth approximately $100,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Owens Corning by 13.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after purchasing an additional 85 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on OC. Royal Bank Of Canada lowered their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company boosted their price target on shares of Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Barclays boosted their price target 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. UBS Group lowered their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Finally, Evercore ISI boosted their price target 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. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Stock Up 2.7%

Owens Corning stock opened at $153.18 on Thursday. The firm has a market cap of $12.81 billion, a price-to-earnings ratio of 39.79, a P/E/G ratio of 10.56 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. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The firm has a fifty day moving average price of $147.00 and a two-hundred day moving average price of $142.75.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business's revenue was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.64 EPS. As a group, analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

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

Owens Corning declared that its board has authorized a share buyback program on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

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.

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