Sciencast Management LP Has $503,000 Stock Position in Owens Corning Inc $OC

Key Points

• Sciencast Management LP increased its stake in Owens Corning by 95.6% in the first quarter, owning a total of 3,520 shares valued at $503,000.
• Multiple institutional investors have significantly boosted their holdings in Owens Corning, with Vanguard Group increasing its stake by 12.0% and Price T Rowe Associates raising theirs by 67.3% during the same period.
• Owens Corning reported a quarterly EPS of $4.21, surpassing analysts' expectations, and announced a quarterly dividend of $0.69, yielding 1.8%.

Sciencast Management LP grew its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 95.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,520 shares of the construction company's stock after purchasing an additional 1,720 shares during the period. Sciencast Management LP's holdings in Owens Corning were worth $503,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of OC. Wayfinding Financial LLC bought a new stake in Owens Corning during the 1st quarter worth $60,000. Archer Investment Corp grew 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 worth $94,000 after acquiring an additional 100 shares during the last quarter. Quarry LP grew its position in Owens Corning by 36.0% during the 1st quarter. Quarry LP now owns 676 shares of the construction company's stock worth $97,000 after acquiring an additional 179 shares during the last quarter. Bayforest Capital Ltd bought a new stake in Owens Corning during the 1st quarter worth $100,000. Finally, Palouse Capital Management Inc. grew its position in Owens Corning by 50.0% during the 1st quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock worth $112,000 after acquiring an additional 262 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Trading Down 3.4%

Shares of NYSE:OC traded down $5.33 during midday trading on Friday, reaching $152.36. The company's stock had a trading volume of 583,090 shares, compared to its average volume of 902,867. The firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 11.17 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. The firm has a 50 day moving average price of $147.39 and a two-hundred day moving average price of $142.67. 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 announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. The company 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 firm's revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the business earned $4.64 EPS. As a group, analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently declared 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. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's dividend payout ratio is 71.69%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on OC shares. Barclays boosted 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. Wells Fargo & Company lifted their target price on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday. UBS Group cut their target price on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Royal Bank Of Canada cut 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. Finally, Evercore ISI lifted 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. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $185.10.

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.