Freedom Investment Management Inc. Raises Stock Holdings in Owens Corning Inc $OC

Key Points

• Freedom Investment Management Inc increased its stake in Owens Corning by 106.1% during the 1st quarter, now owning 4,242 shares worth approximately $606,000.
• Owens Corning reported a quarterly EPS of $4.21, surpassing the consensus estimate of $3.80, with revenues reaching $2.75 billion, a 10% year-over-year increase.
• The company announced a quarterly dividend of $0.69, reflecting an annualized yield of 1.8%, and has a share buyback plan approved for up to 12 million shares.

Freedom Investment Management Inc. increased its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 106.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,242 shares of the construction company's stock after purchasing an additional 2,184 shares during the period. Freedom Investment Management Inc.'s holdings in Owens Corning were worth $606,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wayfinding Financial LLC purchased a new stake in shares of Owens Corning in the first quarter valued at $60,000. Archer Investment Corp grew its position in shares of 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 during the period. Bayforest Capital Ltd purchased a new stake in shares of Owens Corning in the first quarter valued at $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Owens Corning by 13.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after purchasing an additional 85 shares during the period. Finally, Brooklyn Investment Group grew its position in Owens Corning by 260.8% during the first quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock valued at $112,000 after acquiring an additional 566 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

OC has been the subject of several research analyst reports. Loop Capital dropped their price target 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. Evercore ISI upped their price target on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Barclays upped 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. Finally, UBS Group dropped their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $184.60.

Owens Corning Stock Down 1.5%

Shares of NYSE OC traded down $2.30 during trading on Friday, reaching $150.11. 870,699 shares of the stock were exchanged, compared to its average volume of 944,346. The business's 50-day moving average price is $144.98 and its 200 day moving average price is $144.06. Owens Corning Inc has a twelve month low of $123.40 and a twelve month 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. The company has a market capitalization of $12.55 billion, a price-to-earnings ratio of 38.99, a price-to-earnings-growth ratio of 10.89 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS 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 business had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. During the same period in the previous year, the company posted $4.64 earnings per share. The business's revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, equities analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

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

Owens Corning declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its stock is undervalued.

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.