Ruffer LLP Purchases 4,123 Shares of Owens Corning Inc (NYSE:OC)

Key Points

• Ruffer LLP increased its stake in Owens Corning Inc by 13.4%, acquiring an additional 4,123 shares, bringing its total to 34,864 shares valued at approximately $4.98 million.
• Owens Corning reported $2.97 EPS in its latest earnings, exceeding consensus estimates, with a 25.4% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.69 per share, reflecting a 2.0% dividend yield, and has initiated a stock repurchase plan for up to 12 million shares.

Ruffer LLP lifted its stake in Owens Corning Inc (NYSE:OC - Free Report) by 13.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,864 shares of the construction company's stock after purchasing an additional 4,123 shares during the period. Ruffer LLP's holdings in Owens Corning were worth $4,979,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Bessemer Group Inc. lifted its holdings in Owens Corning by 45.5% during the fourth quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock worth $57,000 after acquiring an additional 106 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Owens Corning in the 1st quarter valued at about $60,000. Covestor Ltd raised its stake in shares of Owens Corning by 15.7% in the 4th quarter. Covestor Ltd now owns 464 shares of the construction company's stock valued at $79,000 after purchasing an additional 63 shares during the period. Archer Investment Corp raised its stake in shares of Owens Corning by 17.9% in the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after purchasing an additional 100 shares during the period. Finally, Bayforest Capital Ltd acquired a new stake in shares of Owens Corning in the 1st quarter valued at about $100,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Price Performance

Shares of NYSE OC opened at $136.43 on Monday. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53. The business's 50 day moving average price is $139.29 and its two-hundred day moving average price is $148.47. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. The company has a market cap of $11.60 billion, a PE ratio of 48.04, a price-to-earnings-growth ratio of 3.61 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results 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 return on equity of 25.03% and a net margin of 2.28%. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the prior year, the business earned $3.40 earnings per share. The firm's revenue for the quarter was up 25.4% on a year-over-year basis. On average, analysts predict that Owens Corning Inc will post 15.49 EPS for the current 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 given 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 2.0%. Owens Corning's dividend payout ratio is presently 97.18%.

Owens Corning announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have issued reports on OC. Royal Bank Of Canada dropped their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. UBS Group lowered their target price on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Loop Capital lowered their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company lifted their target price on Owens Corning from $160.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $184.30.

Owens Corning Company 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.

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