Owens Corning Inc (NYSE:OC) Position Trimmed by Park Avenue Securities LLC

Park Avenue Securities LLC reduced its position in Owens Corning Inc (NYSE:OC - Free Report) by 73.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,612 shares of the construction company's stock after selling 4,352 shares during the quarter. Park Avenue Securities LLC's holdings in Owens Corning were worth $230,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of OC. Van ECK Associates Corp increased its position in shares of Owens Corning by 1.2% during the fourth quarter. Van ECK Associates Corp now owns 39,805 shares of the construction company's stock worth $6,780,000 after acquiring an additional 487 shares during the period. Vontobel Holding Ltd. raised its position in Owens Corning by 17.8% in the 4th quarter. Vontobel Holding Ltd. now owns 8,852 shares of the construction company's stock valued at $1,508,000 after purchasing an additional 1,338 shares in the last quarter. Bank Pictet & Cie Europe AG purchased a new position in shares of Owens Corning in the 4th quarter valued at about $28,651,000. Principal Securities Inc. grew its position in shares of Owens Corning by 11.4% during the fourth quarter. Principal Securities Inc. now owns 3,351 shares of the construction company's stock worth $571,000 after buying an additional 344 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Owens Corning by 88.9% during the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock worth $66,777,000 after buying an additional 184,552 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Royal Bank Of Canada decreased their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price on the stock. Evercore ISI set a $165.00 price objective on Owens Corning in a research note on Thursday, May 15th. Wall Street Zen cut shares of Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, Barclays decreased their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $183.80.

Owens Corning Trading Up 0.3%

Shares of OC stock traded up $0.41 on Friday, reaching $131.00. 473,592 shares of the stock were exchanged, compared to its average volume of 961,925. The firm has a 50 day moving average of $138.32 and a two-hundred day moving average of $157.00. The stock has a market cap of $11.14 billion, a P/E ratio of 46.13, a price-to-earnings-growth ratio of 3.45 and a beta of 1.34. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. The business had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The business's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period in the previous year, the company posted $3.40 earnings per share. On average, research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.11%. Owens Corning's dividend payout ratio (DPR) is presently 97.18%.

Owens Corning announced that its Board of Directors has authorized a stock buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are 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.