Regents Gate Capital LLP Takes $9.57 Million Position in Owens Corning Inc (NYSE:OC)

Regents Gate Capital LLP purchased a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 66,970 shares of the construction company's stock, valued at approximately $9,565,000. Owens Corning comprises about 4.1% of Regents Gate Capital LLP's portfolio, making the stock its 11th largest holding. Regents Gate Capital LLP owned 0.08% of Owens Corning at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake 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 worth $242,337,000 after purchasing an additional 414,770 shares during the last quarter. Norges Bank bought a new stake in Owens Corning in the fourth quarter worth about $208,519,000. Northern Trust Corp lifted its stake in Owens Corning by 27.4% in the fourth quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock worth $164,335,000 after purchasing an additional 207,677 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Owens Corning by 0.7% in the first 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 during the last quarter. Finally, First Trust Advisors LP lifted its stake 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 worth $126,849,000 after purchasing an additional 127,785 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

OC has been the subject of several research analyst reports. Loop Capital decreased their price target on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wolfe Research raised 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 target on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They set a "buy" rating and a $183.00 price target for the company. Finally, Barclays decreased their price target on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $184.30.

Owens Corning Stock Down 1.8%

NYSE OC traded down $2.63 on Friday, hitting $147.60. The stock had a trading volume of 668,923 shares, compared to its average volume of 866,092. The business's fifty day moving average price is $138.56 and its 200 day moving average price is $151.72. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. Owens Corning Inc has a 52-week low of $123.41 and a 52-week high of $214.53. The stock has a market cap of $12.55 billion, a price-to-earnings ratio of 51.97, a price-to-earnings-growth ratio of 3.89 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the previous year, the company earned $3.40 earnings per share. The business's revenue for the quarter was up 25.4% on a year-over-year basis. Equities research analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid 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 yield of 1.87%. Owens Corning's dividend payout ratio (DPR) is 97.18%.

Owens Corning announced that its board has approved a stock 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 purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are 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.