Jump Financial LLC Trims Stake in Owens Corning Inc $OC

Key Points

• Jump Financial LLC reduced its holdings in Owens Corning Inc by 74.2%, now owning 3,870 shares worth $553,000 after selling 11,123 shares in the first quarter.
• Owens Corning reported $4.21 earnings per share for the quarter, surpassing analyst estimates, with revenue reaching $2.75 billion, a 10% increase year-over-year.
• The company has recently declared a quarterly dividend of $0.69 per share, representing an annual dividend of $2.76 and a yield of 1.8%.

Jump Financial LLC decreased its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 74.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,870 shares of the construction company's stock after selling 11,123 shares during the quarter. Jump Financial LLC's holdings in Owens Corning were worth $553,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Wayfinding Financial LLC bought a new stake in Owens Corning during the first quarter valued at about $60,000. Archer Investment Corp boosted its position in Owens Corning by 17.9% during 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 bought a new stake in Owens Corning during the first quarter valued at about $100,000. Palouse Capital Management Inc. boosted its position in Owens Corning by 50.0% during 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 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 purchasing an additional 566 shares in the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

Shares of NYSE:OC traded up $3.53 during trading on Thursday, hitting $151.54. The stock had a trading volume of 320,402 shares, compared to its average volume of 923,417. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The stock has a market capitalization of $12.67 billion, a price-to-earnings ratio of 39.36, a price-to-earnings-growth ratio of 10.73 and a beta of 1.32. 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 stock has a 50-day simple moving average of $145.74 and a two-hundred day simple moving average of $143.46.

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, topping the consensus estimate of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same period last year, the business posted $4.64 earnings per share. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. On average, equities research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were paid a $0.69 dividend. 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%.

Owens Corning declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

OC has been the topic of a number of recent research reports. Barclays raised their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Loop Capital lowered their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company boosted 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 cut their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Finally, Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.