Owens Corning Inc $OC is EMG Holdings L.P.'s 9th Largest Position

Key Points

• EMG Holdings L.P. has increased its stake in Owens Corning Inc by 16.1%, making it the 9th largest position in their portfolio, valued at approximately $4.48 million.
• Owens Corning has seen significant interest from other hedge funds, with Vanguard and Price T Rowe Associates increasing their holdings by 12.0% and 67.3% respectively in the first quarter.
• Owens Corning's stock price received multiple upgrades from analysts, with a current average target price of $184.60 and a rating of "Moderate Buy" from investment analysts.

EMG Holdings L.P. raised its stake in Owens Corning Inc (NYSE:OC - Free Report) by 16.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,359 shares of the construction company's stock after buying an additional 4,359 shares during the period. Owens Corning makes up approximately 2.1% of EMG Holdings L.P.'s holdings, making the stock its 9th largest holding. EMG Holdings L.P.'s holdings in Owens Corning were worth $4,479,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in OC. Vanguard Group Inc. increased its holdings in Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after buying an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Owens Corning by 67.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock valued at $339,930,000 after buying an additional 957,295 shares in the last quarter. Nuveen LLC purchased a new position in Owens Corning in the first quarter valued at about $91,698,000. Raiffeisen Bank International AG purchased a new position in Owens Corning in the fourth quarter valued at about $51,400,000. Finally, KBC Group NV increased its holdings in Owens Corning by 75.2% in the first quarter. KBC Group NV now owns 634,783 shares of the construction company's stock valued at $90,659,000 after buying an additional 272,367 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of research analyst reports. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Loop Capital cut their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. UBS Group cut their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, Evercore ISI lifted their price objective 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. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Stock Up 4.8%

OC stock opened at $155.6950 on Monday. The stock has a market capitalization of $13.02 billion, a P/E ratio of 40.44, a PEG ratio of 11.13 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. Owens Corning Inc has a one year low of $123.40 and a one year high of $214.53. The company has a 50 day moving average price of $142.97 and a two-hundred day moving average price of $144.51.

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

Owens Corning Dividend Announcement

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

Owens Corning announced that its board has approved a stock buyback program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Owens Corning 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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