Clough Capital Partners L P Sells 57,736 Shares of Owens Corning Inc $OC

Key Points

• Clough Capital Partners L P significantly reduced its stake in Owens Corning Inc by 88.0%, now owning only 7,840 shares after selling 57,736 shares in the first quarter.
• In contrast, Vanguard Group Inc. increased its holdings by 12.0%, owning approximately 9.8 million shares valued at $1.4 billion.
• Owens Corning's latest quarterly earnings exceeded expectations, reporting an EPS of $4.21 against a consensus estimate of $3.80, with revenue up 10.0% year-over-year at $2.75 billion.

Clough Capital Partners L P reduced its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 88.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,840 shares of the construction company's stock after selling 57,736 shares during the quarter. Clough Capital Partners L P's holdings in Owens Corning were worth $1,120,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OneDigital Investment Advisors LLC boosted its stake in shares of Owens Corning by 33.3% during the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock worth $234,000 after acquiring an additional 409 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Owens Corning by 11.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock worth $4,416,000 after acquiring an additional 3,298 shares during the period. Wedge Capital Management L L P NC boosted its stake in shares of Owens Corning by 32.0% during the 1st quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company's stock worth $10,404,000 after acquiring an additional 17,660 shares during the period. Moran Wealth Management LLC boosted its stake in shares of Owens Corning by 31.4% during the 1st quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company's stock worth $20,076,000 after acquiring an additional 33,631 shares during the period. Finally, Eisler Capital Management Ltd. bought a new position in shares of Owens Corning during the 4th quarter worth approximately $2,403,000. 88.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OC has been the subject of several research reports. Royal Bank Of Canada dropped 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. Barclays lifted their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. 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 report on Thursday, August 7th. Finally, Evercore ISI lifted their price target 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 investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and an average target price of $184.60.

Owens Corning Price Performance

NYSE OC traded down $2.30 during midday trading on Monday, hitting $150.11. The company had a trading volume of 870,699 shares, compared to its average volume of 941,858. The company has a market capitalization of $12.55 billion, a PE ratio of 38.99, a P/E/G ratio of 10.73 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. The firm has a 50-day moving average price of $144.98 and a 200-day moving average price of $143.59. Owens Corning Inc has a twelve month low of $123.40 and a twelve month 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 for the quarter, beating the consensus estimate 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 return on equity of 24.49% and a net margin of 2.98%.The company's quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.64 EPS. As a group, analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders 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 dividend payout ratio (DPR) is presently 71.69%.

Owens Corning declared that its Board of Directors has initiated a stock buyback plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication 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.