River Road Asset Management LLC Purchases 10,193 Shares of Owens Corning Inc $OC

Key Points

• River Road Asset Management increased its Owens Corning stake by 3.0% in the fourth quarter, buying 10,193 additional shares and bringing its total holdings to 348,116 shares worth about $38.96 million.
• Owens Corning recently reported better-than-expected quarterly results, with EPS of $1.22 versus the $1.01 estimate and revenue of $2.27 billion versus $2.18 billion expected, even though revenue fell 10.5% year over year.
• The company also declared a quarterly dividend of $0.79 per share, payable August 6, implying an annualized yield of about 2.5%; meanwhile, analysts currently rate the stock a “Moderate Buy” with an average target price of $144.82.

River Road Asset Management LLC boosted its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 3.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 348,116 shares of the construction company's stock after acquiring an additional 10,193 shares during the period. River Road Asset Management LLC owned 0.42% of Owens Corning worth $38,958,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of OC. Vanguard Group Inc. increased its holdings in shares of Owens Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock worth $1,092,883,000 after purchasing an additional 84,096 shares during the period. State Street Corp boosted its stake in Owens Corning by 2.3% during the third quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock valued at $514,205,000 after buying an additional 81,133 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Owens Corning by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company's stock valued at $290,321,000 after buying an additional 231,871 shares during the period. Dimensional Fund Advisors LP grew its position in Owens Corning by 33.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company's stock worth $288,332,000 after buying an additional 645,773 shares in the last quarter. Finally, Davis Selected Advisers increased its stake in Owens Corning by 15.1% in the 4th quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company's stock worth $229,035,000 after acquiring an additional 269,216 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Trading Up 3.5%

Shares of OC stock opened at $128.12 on Friday. The business has a 50-day moving average price of $120.37 and a two-hundred day moving average price of $118.37. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27. The firm has a market cap of $10.32 billion, a P/E ratio of -19.38, a price-to-earnings-growth ratio of 2.25 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.01 by $0.21. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company's revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.97 EPS. Equities analysts anticipate that Owens Corning Inc will post 9.53 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 6th. Shareholders of record on Monday, July 20th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.5%. Owens Corning's dividend payout ratio is currently -47.81%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Barclays raised their price target on Owens Corning from $135.00 to $144.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Weiss Ratings cut shares of Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 18th. Royal Bank Of Canada raised their target price on shares of Owens Corning from $134.00 to $148.00 and gave the company an "outperform" rating in a research note on Thursday, May 7th. The Goldman Sachs Group lifted their target price on shares of Owens Corning from $125.00 to $141.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Owens Corning from $115.00 to $121.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $144.82.

Insider Buying and Selling

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares in the company, valued at $374,005.56. This trade represents a 38.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company's core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.

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