66,970 Shares in Owens Corning Inc (NYSE:OC) Purchased by Regents Gate Capital LLP

Regents Gate Capital LLP purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 66,970 shares of the construction company's stock, valued at approximately $9,565,000. Owens Corning accounts for 4.1% of Regents Gate Capital LLP's portfolio, making the stock its 11th biggest position. Regents Gate Capital LLP owned 0.08% of Owens Corning as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the business. Assetmark Inc. boosted its position in shares of Owens Corning by 195.1% in the fourth quarter. Assetmark Inc. now owns 239 shares of the construction company's stock worth $41,000 after purchasing an additional 158 shares during the period. Bessemer Group Inc. boosted its position 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 purchasing an additional 106 shares during the period. Wayfinding Financial LLC bought a new position in shares of Owens Corning in the first quarter worth approximately $60,000. Covestor Ltd boosted its position in shares of Owens Corning by 15.7% in the fourth 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, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Owens Corning by 13.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after purchasing an additional 85 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OC. UBS Group dropped 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. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Deutsche Bank Aktiengesellschaft started 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 for the company. Barclays dropped 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, Evercore ISI set a $165.00 target price on shares of Owens Corning in a research report on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Price Performance

OC stock traded up $2.96 during trading on Wednesday, hitting $147.66. 819,759 shares of the company's stock traded hands, compared to its average volume of 862,155. Owens Corning Inc has a 52 week low of $123.41 and a 52 week high of $214.53. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. The business has a fifty day simple moving average of $138.42 and a 200 day simple moving average of $152.19. The stock has a market capitalization of $12.56 billion, a price-to-earnings ratio of 51.99, a P/E/G ratio of 3.76 and a beta of 1.33.

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 the consensus estimate of $2.82 by $0.15. The business had revenue of $2.53 billion for 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 in the prior year, the firm posted $3.40 earnings per share. As a group, research analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders 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 annualized dividend and a dividend yield of 1.87%. Owens Corning's dividend payout ratio (DPR) is presently 97.18%.

Owens Corning announced that its board has initiated a stock buyback program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign 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.