Owens Corning Inc $OC Shares Acquired by Truvestments Capital LLC

Key Points

• Truvestments Capital LLC increased its stake in Owens Corning Inc by 29.4%, bringing its total holdings to 7,445 shares worth approximately $1,063,000.
• Owens Corning reported earnings of $4.21 per share for the latest quarter, surpassing analysts' estimates of $3.80, with a year-over-year revenue growth of 10.0%.
• The company's Board of Directors has approved a share repurchase program to buy back up to 12 million outstanding shares, indicating belief in the stock's current undervaluation.

Truvestments Capital LLC grew its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 29.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,445 shares of the construction company's stock after buying an additional 1,693 shares during the quarter. Truvestments Capital LLC's holdings in Owens Corning were worth $1,063,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of OC. Wayfinding Financial LLC acquired a new stake in shares of Owens Corning in the 1st quarter valued at approximately $60,000. Archer Investment Corp increased its stake in 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 in the last quarter. Bayforest Capital Ltd purchased a new position in Owens Corning in the 1st quarter valued at approximately $100,000. Palouse Capital Management Inc. increased its stake in Owens Corning by 50.0% in the 1st 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 grew its holdings in Owens Corning by 260.8% during the 1st quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock valued at $112,000 after buying an additional 566 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Down 0.2%

Shares of Owens Corning stock opened at $153.23 on Wednesday. The company has a fifty day moving average price of $143.72 and a 200 day moving average price of $144.38. 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 twelve month low of $123.40 and a twelve month high of $214.53. The stock has a market cap of $12.81 billion, a price-to-earnings ratio of 39.80, a price-to-earnings-growth ratio of 10.97 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced 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 net margin of 2.98% and a return on equity of 24.49%. The firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same period in the prior year, the company earned $4.64 EPS. The firm's revenue was up 10.0% on a year-over-year basis. Equities research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its Board of Directors has approved a share repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were given 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 have commented on the company. Evercore ISI increased their target price on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Barclays increased their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Wells Fargo & Company increased their price target on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Royal Bank Of Canada reduced their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Finally, Loop Capital reduced their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $184.60.

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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