Owens Corning Inc $OC Shares Acquired by Campbell & CO Investment Adviser LLC

Key Points

• Campbell & CO Investment Adviser LLC increased its holdings in Owens Corning Inc by 39.4% during the 1st quarter, owning 9,874 shares valued at approximately $1.41 million at the end of the reporting period.
• Several brokerages have adjusted their price targets for Owens Corning, with Loop Capital lowering it to $180 while Wells Fargo raised it to $170, indicating a mix of sentiment among analysts.
• Owens Corning recently announced a quarterly dividend of $0.69 per share, representing a yield of 1.8%, and has approved a stock buyback program for up to 12 million shares, suggesting confidence in the company's current valuation.

Campbell & CO Investment Adviser LLC lifted its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 39.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,874 shares of the construction company's stock after acquiring an additional 2,793 shares during the period. Campbell & CO Investment Adviser LLC's holdings in Owens Corning were worth $1,410,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wayfinding Financial LLC bought a new position in shares of Owens Corning during the first quarter valued at approximately $60,000. Archer Investment Corp boosted 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 valued at $94,000 after purchasing an additional 100 shares during the period. Bayforest Capital Ltd bought a new position in Owens Corning during the 1st quarter worth $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 buying an additional 85 shares during the last quarter. Finally, Brooklyn Investment Group increased its position in Owens Corning by 260.8% in the first quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock worth $112,000 after buying an additional 566 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OC. Loop Capital cut their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Evercore ISI raised their price target on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Wells Fargo & Company upped their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Barclays increased their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Finally, Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. 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, the company currently has an average rating of "Moderate Buy" and a consensus target price of $184.60.

Owens Corning Trading Down 1.4%

Shares of OC stock opened at $153.57 on Tuesday. The stock has a 50-day simple moving average of $143.31 and a 200 day simple moving average of $144.32. The stock has a market capitalization of $12.84 billion, a P/E ratio of 39.89, a P/E/G ratio of 11.13 and a beta of 1.32. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98.

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

Owens Corning Announces Dividend

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

Owens Corning declared that its board has initiated 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 reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is 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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