Raiffeisen Bank International AG Has $42.32 Million Holdings in Owens Corning Inc (NYSE:OC)

Key Points

• Raiffeisen Bank International AG has reduced its stake in Owens Corning Inc by 2.1%, now owning approximately 0.35% of the company, valued at $42.3 million.
• Wells Fargo increased its price objective for Owens Corning shares from $160 to $165, affirming an "overweight" rating, while others adjusted their estimates downwards.
• Owens Corning declared a quarterly dividend of $0.69 per share and announced a stock buyback program allowing for the repurchase of up to 12 million shares.

Raiffeisen Bank International AG reduced its position in Owens Corning Inc (NYSE:OC - Free Report) by 2.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 296,677 shares of the construction company's stock after selling 6,408 shares during the quarter. Raiffeisen Bank International AG owned about 0.35% of Owens Corning worth $42,315,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of OC. Bessemer Group Inc. lifted its holdings in shares of Owens Corning by 45.5% during the fourth 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 acquired a new stake in Owens Corning in the first quarter valued at $60,000. Covestor Ltd lifted its holdings in Owens Corning by 15.7% in the fourth quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after acquiring an additional 63 shares during the period. Archer Investment Corp lifted its holdings in Owens Corning by 17.9% in the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after acquiring an additional 100 shares during the period. Finally, Bayforest Capital Ltd acquired a new stake in Owens Corning in the first quarter valued at $100,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Evercore ISI set a $165.00 target price on Owens Corning in a report on Thursday, May 15th. Wells Fargo & Company lifted their price objective on Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Barclays decreased their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Finally, UBS Group reduced 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. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Owens Corning presently 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 $3.11 during trading on Tuesday, reaching $140.61. The stock had a trading volume of 259,904 shares, compared to its average volume of 920,131. The stock has a market cap of $11.96 billion, a PE ratio of 49.37, a P/E/G ratio of 3.61 and a beta of 1.32. The firm's 50 day moving average price is $139.37 and its two-hundred day moving average price is $148.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. Owens Corning Inc has a one year low of $123.40 and a one year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last announced 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 company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The firm's quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.40 EPS. On average, research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be given a dividend of $0.69 per share. 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 2.0%. Owens Corning's payout ratio is 97.18%.

Owens Corning announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign 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.