Owens Corning Inc $OC Shares Purchased by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD increased its position in Owens Corning shares by 67.3% in Q1, owning 2,380,123 shares worth $339.93 million.
• Owens Corning reported Q2 earnings of $4.21 EPS, exceeding analyst expectations of $3.80, with revenues of $2.75 billion.
• The company's board approved a stock repurchase plan to buy back 12 million shares, indicating belief in the stock's undervaluation.

Price T Rowe Associates Inc. MD grew its stake in Owens Corning Inc (NYSE:OC - Free Report) by 67.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,380,123 shares of the construction company's stock after buying an additional 957,295 shares during the quarter. Price T Rowe Associates Inc. MD owned 2.80% of Owens Corning worth $339,930,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wayfinding Financial LLC acquired a new position in Owens Corning in the first quarter valued at approximately $60,000. Archer Investment Corp boosted its holdings 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 in the last quarter. Bayforest Capital Ltd acquired a new position in Owens Corning in the first quarter valued at approximately $100,000. Palouse Capital Management Inc. boosted its holdings in 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 purchasing an additional 262 shares in the last quarter. Finally, Brooklyn Investment Group boosted its holdings in Owens Corning by 260.8% in the first quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock valued at $112,000 after purchasing an additional 566 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Trading Down 0.2%

Shares of Owens Corning stock traded down $0.29 during trading hours on Tuesday, reaching $153.23. The stock had a trading volume of 1,101,418 shares, compared to its average volume of 923,687. The firm has a 50 day simple moving average of $143.72 and a two-hundred day simple moving average of $144.38. The firm has a market capitalization of $12.81 billion, a price-to-earnings ratio of 39.80, a P/E/G ratio of 10.97 and a beta of 1.32. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating the consensus estimate of $3.80 by $0.41. The business had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company's revenue was up 10.0% on a year-over-year basis. During the same period last year, the business posted $4.64 EPS. As a group, equities research analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current 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 outstanding shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Owens Corning Dividend Announcement

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 dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Monday, July 21st. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Analysts Set New Price Targets

OC has been the subject of a number of research analyst reports. Barclays upped their price target on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Wells Fargo & Company boosted their price objective on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Evercore ISI boosted their price objective on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research note on Friday, August 8th. Finally, Loop Capital reduced their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Eight equities research 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, the company has a consensus rating of "Moderate Buy" and an average price target 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.