Russell Investments Group Ltd. Lowers Position in Owens Corning Inc (NYSE:OC)

Key Points

• Russell Investments Group Ltd. reduced its stake in Owens Corning Inc by 9.7%, now holding approximately 0.24% of the company valued at about $29.39 million.
• Owens Corning reported a 10% increase in revenue year-over-year for the last quarter, with earnings per share of $4.21 exceeding expectations by $0.41.
• The company's Board of Directors has authorized a stock buyback program allowing for the repurchase of up to 12 million outstanding shares, indicating a belief that the stock is undervalued.

Russell Investments Group Ltd. cut its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 9.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 205,809 shares of the construction company's stock after selling 22,079 shares during the period. Russell Investments Group Ltd. owned about 0.24% of Owens Corning worth $29,393,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. CoreCap Advisors LLC lifted its position in shares of Owens Corning by 3.3% in the fourth quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock valued at $305,000 after acquiring an additional 57 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its position in shares of Owens Corning by 0.6% in the first quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock valued at $1,863,000 after acquiring an additional 74 shares in the last quarter. Menard Financial Group LLC lifted its position in shares of Owens Corning by 3.6% in the fourth quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock valued at $387,000 after acquiring an additional 80 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 valued at $125,000 after acquiring an additional 85 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Owens Corning by 9.8% in the first quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock valued at $143,000 after acquiring an additional 89 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Trading Down 1.1%

Shares of NYSE OC opened at $150.20 on Friday. The business's 50 day moving average is $141.63 and its two-hundred day moving average is $146.20. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The stock has a market capitalization of $12.56 billion, a P/E ratio of 39.01, a PEG ratio of 10.98 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The company had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. During the same period in the previous year, the firm posted $4.64 earnings per share. The firm's revenue for the quarter was up 10.0% on a year-over-year basis. As a group, research analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning announced that its Board of Directors has authorized a stock buyback 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 typically a sign that the company's board of directors believes its stock is undervalued.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's payout ratio is presently 71.69%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OC shares. Wells Fargo & Company boosted their price objective on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Barclays lifted their target price on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Royal Bank Of Canada reduced their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Finally, Loop Capital reduced their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $184.60.

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.

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