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

Penserra Capital Management LLC boosted its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 34.2% in 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 purchasing 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 quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of OC. Price T Rowe Associates Inc. MD boosted its position in Owens Corning by 41.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after buying an additional 414,770 shares in the last quarter. Norges Bank acquired a new stake in shares of Owens Corning during the 4th quarter valued at $208,519,000. Northern Trust Corp grew its position in Owens Corning by 27.4% during the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock worth $164,335,000 after acquiring an additional 207,677 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Owens Corning by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after purchasing an additional 5,819 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Owens Corning by 20.7% in the fourth quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock valued at $126,849,000 after purchasing an additional 127,785 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on OC shares. 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. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Royal Bank Of Canada decreased their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. UBS Group cut their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, 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. Five equities 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 presently has an average rating of "Moderate Buy" and a consensus price target of $184.30.

Owens Corning Stock Down 1.8%

Shares of OC stock traded down $2.63 during midday trading on Friday, reaching $147.60. 668,923 shares of the stock were exchanged, compared to its average volume of 866,092. The firm has a market cap of $12.55 billion, a PE ratio of 51.97, a price-to-earnings-growth ratio of 3.89 and a beta of 1.33. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The company's 50 day moving average is $138.56 and its two-hundred day moving average is $151.72. Owens Corning Inc has a 1 year low of $123.41 and a 1 year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the firm earned $3.40 earnings per share. On average, equities research analysts predict 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. Stockholders of record on Monday, July 21st will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Monday, July 21st. Owens Corning's payout ratio is presently 97.18%.

Owens Corning announced that its Board of Directors has authorized a share 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 often an indication that the company's management 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.