Owens Corning Inc $OC Shares Acquired by Lodge Hill Capital LLC

Key Points

• Lodge Hill Capital LLC increased its stake in Owens Corning by 40.2% during the first quarter, now owning approximately 150,330 shares of the company.
• Owens Corning reported earnings of $4.21 per share for the last quarter, beating analyst expectations of $3.80, with revenues reaching $2.75 billion.
• The company recently announced a buyback plan to repurchase 12 million shares, indicating that its leadership believes its stock is undervalued.

Lodge Hill Capital LLC boosted its stake in Owens Corning Inc (NYSE:OC - Free Report) by 40.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,330 shares of the construction company's stock after buying an additional 43,120 shares during the period. Owens Corning accounts for approximately 5.1% of Lodge Hill Capital LLC's investment portfolio, making the stock its 9th largest holding. Lodge Hill Capital LLC owned 0.18% of Owens Corning worth $21,470,000 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. grew its position in shares of Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after acquiring an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after purchasing an additional 957,295 shares during the last quarter. LSV Asset Management grew its position in Owens Corning by 1.9% in the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock worth $210,812,000 after purchasing an additional 27,185 shares during the last quarter. Northern Trust Corp increased its stake in shares of Owens Corning by 27.4% in the fourth quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock valued at $164,335,000 after purchasing an additional 207,677 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Owens Corning by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after buying an additional 5,819 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

Shares of OC opened at $153.23 on Thursday. 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 firm's 50 day moving average is $144.18 and its 200-day moving average is $144.44. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The stock has a market capitalization of $12.81 billion, a P/E ratio of 39.80, a P/E/G ratio of 10.94 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last issued 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 analysts' expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period last year, the firm posted $4.64 earnings per share. Equities research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning announced that its Board of Directors has approved a stock repurchase plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Owens Corning Announces Dividend

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

Analyst Upgrades and Downgrades

OC has been the topic of several recent analyst reports. Barclays lifted their target price on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. UBS Group reduced their price objective on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Evercore ISI boosted their target price on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a report on Friday, August 8th. Finally, Royal Bank Of Canada dropped their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and a consensus target price of $184.60.

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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