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

Other institutional investors also recently bought and sold shares of the company. Wayfinding Financial LLC purchased a new position in shares of Owens Corning in the 1st quarter valued at $60,000. Archer Investment Corp raised its position in Owens Corning by 17.9% in 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. Quarry LP lifted its stake in shares of Owens Corning by 36.0% during the first 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 stake in shares of Owens Corning in the first quarter worth about $100,000. Finally, Palouse Capital Management Inc. grew its stake in shares of Owens Corning by 50.0% in the first quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock valued at $112,000 after buying an additional 262 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of Owens Corning stock traded down $2.77 during trading hours on Tuesday, reaching $149.64. The company's stock had a trading volume of 751,031 shares, compared to its average volume of 905,233. Owens Corning Inc has a one year low of $123.40 and a one year high of $214.53. The company's 50 day simple moving average is $147.69 and its 200 day simple moving average is $142.57. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The stock has a market cap of $12.51 billion, a P/E ratio of 38.87, a price-to-earnings-growth ratio of 10.79 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.41. The firm had revenue of $2.75 billion for 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%. Owens Corning's quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.64 earnings per share. As a group, analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were given a dividend of $0.69 per share. 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 payout ratio is currently 71.69%.

Analyst Upgrades and Downgrades

OC has been the subject of a number of analyst reports. Barclays upped their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Wells Fargo & Company raised their price target on shares of Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Evercore ISI boosted their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. Royal Bank Of Canada lowered their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Finally, UBS Group cut their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $185.10.

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.