Owens Corning Inc (NYSE:OC) Shares Purchased by Penserra Capital Management LLC

Penserra Capital Management LLC grew its stake in Owens Corning Inc (NYSE:OC - Free Report) by 34.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,222 shares of the construction company's stock after acquiring an additional 1,840 shares during the period. Penserra Capital Management LLC's holdings in Owens Corning were worth $1,029,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in OC. Assetmark Inc. grew its stake in Owens Corning by 195.1% in the 4th quarter. Assetmark Inc. now owns 239 shares of the construction company's stock worth $41,000 after acquiring an additional 158 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Owens Corning by 45.5% in the 4th quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after purchasing an additional 106 shares during the period. Wayfinding Financial LLC purchased a new stake in shares of Owens Corning in the 1st quarter worth approximately $60,000. Covestor Ltd lifted its position in shares of Owens Corning by 15.7% in the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after purchasing an additional 63 shares during the period. Finally, Palouse Capital Management Inc. lifted its position in shares of Owens Corning by 50.0% in the 1st quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock worth $112,000 after purchasing an additional 262 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price target for the company. UBS Group lowered their price target on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Barclays decreased their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, Wells Fargo & Company increased their target price on shares of Owens Corning from $160.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $184.30.

Owens Corning Stock Performance

Shares of NYSE OC traded up $3.60 during midday trading on Thursday, reaching $150.89. The company had a trading volume of 543,542 shares, compared to its average volume of 944,760. The business's 50-day simple moving average is $138.47 and its 200 day simple moving average is $152.16. The stock has a market cap of $12.83 billion, a P/E ratio of 53.13, a P/E/G ratio of 3.82 and a beta of 1.33. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. The business had revenue of $2.53 billion during 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 quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter last year, the company posted $3.40 earnings per share. On average, analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared 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 of this dividend is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.83%. Owens Corning's dividend payout ratio is currently 97.18%.

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

About Owens Corning

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.