Owens Corning Inc $OC Position Increased by Quantbot Technologies LP

Key Points

• Quantbot Technologies LP significantly increased its stake in Owens Corning Inc by 820.3% during the first quarter, now owning 56,914 shares valued at approximately $8.13 million.
• Owens Corning recently reported an earnings per share of $4.21 for the latest quarter, exceeding analyst expectations, and showed an annual revenue growth of 10.0%.
• The company began a stock repurchase plan allowing it to buy back up to 12 million shares, indicating confidence in the stock's valuation.

Quantbot Technologies LP raised its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 820.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 56,914 shares of the construction company's stock after buying an additional 50,730 shares during the quarter. Quantbot Technologies LP owned 0.07% of Owens Corning worth $8,128,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of OC. Wayfinding Financial LLC acquired a new position in shares of Owens Corning in the 1st quarter valued at about $60,000. Archer Investment Corp increased its holdings in shares of Owens Corning by 17.9% in the 1st 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. Bayforest Capital Ltd acquired a new position in shares of Owens Corning in the 1st quarter valued at about $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 buying an additional 85 shares in the last quarter. Finally, Coppell Advisory Solutions LLC grew its stake in shares of Owens Corning by 101.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 763 shares of the construction company's stock valued at $129,000 after buying an additional 384 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on OC shares. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. UBS Group decreased their target price 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. Evercore ISI upped their target price 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. Wells Fargo & Company upped their target price on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada decreased their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $184.60.

Owens Corning Stock Down 1.1%

OC stock opened at $150.20 on Monday. 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 stock has a market capitalization of $12.56 billion, a P/E ratio of 39.01, a P/E/G ratio of 10.74 and a beta of 1.32. The business has a 50-day moving average of $141.63 and a 200-day moving average of $145.61. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly 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. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the prior year, the firm posted $4.64 EPS. The business's revenue was up 10.0% on a year-over-year basis. On average, sell-side analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were paid 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 dividend yield of 1.8%. Owens Corning's dividend payout ratio is currently 71.69%.

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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