Rathbones Group PLC Buys 10,214 Shares of Owens Corning Inc (NYSE:OC)

Key Points

• Rathbones Group PLC increased its stake in Owens Corning Inc by 28% during the 1st quarter, owning approximately 0.05% of the company worth $6.67 million after acquiring additional shares.
• Owens Corning reported earnings of $4.21 per share for the most recent quarter, exceeding analysts' expectations by $0.41, with revenue reaching $2.75 billion.
• The company has authorized a share buyback plan to repurchase 12 million shares, indicating that its board believes the stock may be undervalued.

Rathbones Group PLC increased its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 28.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,688 shares of the construction company's stock after acquiring an additional 10,214 shares during the period. Rathbones Group PLC owned approximately 0.05% of Owens Corning worth $6,668,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Bank Pictet & Cie Europe AG bought a new position in shares of Owens Corning in the fourth quarter worth approximately $28,651,000. Bank of Montreal Can lifted its stake in shares of Owens Corning by 8.7% in the fourth quarter. Bank of Montreal Can now owns 17,143 shares of the construction company's stock worth $2,920,000 after buying an additional 1,365 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Owens Corning in the fourth quarter worth approximately $51,220,000. Bessemer Group Inc. lifted its stake in shares of Owens Corning by 45.5% in the fourth quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after buying an additional 106 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in shares of Owens Corning by 1.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 34,468 shares of the construction company's stock worth $5,871,000 after buying an additional 652 shares in the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

OC stock traded down $1.64 during midday trading on Friday, reaching $150.20. 475,892 shares of the company's stock traded hands, compared to its average volume of 865,782. Owens Corning Inc has a 52-week low of $123.40 and a 52-week high of $214.53. The stock has a market cap of $12.56 billion, a P/E ratio of 39.01, a PEG ratio of 10.87 and a beta of 1.32. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The stock's 50-day moving average is $141.63 and its 200 day moving average is $145.92.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. The firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $4.64 earnings per share. As a group, analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

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

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were given a dividend of $0.69 per share. The ex-dividend date was Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.8%. Owens Corning's dividend payout ratio is currently 71.69%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on OC shares. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. UBS Group decreased their price objective on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Barclays boosted their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Evercore ISI boosted their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Finally, Royal Bank Of Canada decreased their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $184.60.

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.