Regents Gate Capital LLP Buys Shares of 66,970 Owens Corning Inc (NYSE:OC)

Regents Gate Capital LLP acquired a new position in Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 66,970 shares of the construction company's stock, valued at approximately $9,565,000. Owens Corning accounts for about 4.1% of Regents Gate Capital LLP's holdings, making the stock its 11th largest position. Regents Gate Capital LLP owned 0.08% of Owens Corning as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of OC. Bank Pictet & Cie Europe AG purchased a new position in Owens Corning in the 4th quarter worth $28,651,000. Jones Financial Companies Lllp increased its position in shares of Owens Corning by 82.0% in the fourth quarter. Jones Financial Companies Lllp now owns 1,223 shares of the construction company's stock valued at $208,000 after acquiring an additional 551 shares during the period. Assetmark Inc. increased 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 valued at $41,000 after acquiring an additional 158 shares during the period. M&T Bank Corp increased its position in shares of Owens Corning by 96.9% in the fourth quarter. M&T Bank Corp now owns 9,030 shares of the construction company's stock valued at $1,538,000 after acquiring an additional 4,443 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in shares of Owens Corning in the fourth quarter valued at about $22,831,000. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Performance

OC stock traded down $2.63 during midday trading on Friday, reaching $147.60. 668,923 shares of the company's stock traded hands, compared to its average volume of 864,769. The stock's 50-day moving average is $138.56 and its 200 day moving average is $152.02. 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 stock has a market cap of $12.55 billion, a P/E ratio of 51.97, a PEG ratio of 3.89 and a beta of 1.33. Owens Corning Inc has a 52-week low of $123.41 and a 52-week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.52 billion. During the same quarter last year, the business earned $3.40 earnings per share. Owens Corning's quarterly revenue was up 25.4% compared to the same quarter last year. As a group, analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be issued a dividend of $0.69 per share. The ex-dividend date is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.87%. Owens Corning's payout ratio is 97.18%.

Owens Corning declared that its board has approved a share repurchase plan on Wednesday, May 14th that allows the company to buyback 12,000,000 outstanding shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on OC shares. Barclays decreased their price objective on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. UBS Group dropped their price objective on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company upped their target price on shares of Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Tuesday. Royal Bank Of Canada decreased their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Finally, Evercore ISI set a $165.00 price objective on shares of Owens Corning in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $184.30.

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.