Penserra Capital Management LLC Boosts Stock Position in Owens Corning Inc (NYSE:OC)

Penserra Capital Management LLC boosted its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 34.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,222 shares of the construction company's stock after buying an additional 1,840 shares during the quarter. Penserra Capital Management LLC's holdings in Owens Corning were worth $1,029,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Allstate Corp acquired a new position in Owens Corning in the fourth quarter valued at $425,000. Integrated Quantitative Investments LLC acquired a new position in Owens Corning in the fourth quarter valued at $349,000. Raymond James Financial Inc. acquired a new position in Owens Corning in the fourth quarter valued at $51,220,000. Twinbeech Capital LP acquired a new position in Owens Corning in the fourth quarter valued at $22,699,000. Finally, Magnetar Financial LLC boosted its stake in Owens Corning by 60.9% in the fourth quarter. Magnetar Financial LLC now owns 6,250 shares of the construction company's stock valued at $1,064,000 after acquiring an additional 2,365 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of NYSE:OC opened at $144.77 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. The company has a market cap of $12.31 billion, a P/E ratio of 50.98, a PEG ratio of 3.76 and a beta of 1.33. Owens Corning Inc has a 52 week low of $123.41 and a 52 week high of $214.53. The company has a 50-day moving average price of $138.42 and a 200 day moving average price of $152.19.

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

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

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Monday, July 21st will be issued a $0.69 dividend. The ex-dividend date is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.91%. Owens Corning's dividend payout ratio (DPR) is presently 97.18%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on OC shares. Evercore ISI set a $165.00 price target on Owens Corning in a report on Thursday, May 15th. Wells Fargo & Company raised their price target on Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Loop Capital lowered their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, UBS Group lowered their price target on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a 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 stock. Based on data from MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and a consensus target price of $184.30.

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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