State of Wyoming Increases Holdings in Owens Corning Inc $OC

Key Points

• The State of Wyoming increased its holdings in Owens Corning Inc by 103.7% in Q1, bringing its total ownership to 4,786 shares valued at $684,000.
• Analysts have varied price targets for Owens Corning, with Barclays setting a new target of $173.00, while UBS Group revised theirs down to $210.00.
• Owens Corning reported $4.21 EPS for the last quarter, exceeding analysts' expectations by $0.41, and declared a quarterly dividend of $0.69.

State of Wyoming boosted its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 103.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,786 shares of the construction company's stock after purchasing an additional 2,436 shares during the period. State of Wyoming's holdings in Owens Corning were worth $684,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Lodge Hill Capital LLC increased its holdings in Owens Corning by 40.2% during the 1st quarter. Lodge Hill Capital LLC now owns 150,330 shares of the construction company's stock valued at $21,470,000 after purchasing an additional 43,120 shares during the period. OMERS ADMINISTRATION Corp increased its holdings in Owens Corning by 32.9% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 14,464 shares of the construction company's stock valued at $2,066,000 after purchasing an additional 3,579 shares during the period. Truvestments Capital LLC increased its holdings in Owens Corning by 29.4% during the 1st quarter. Truvestments Capital LLC now owns 7,445 shares of the construction company's stock valued at $1,063,000 after purchasing an additional 1,693 shares during the period. CreativeOne Wealth LLC increased its holdings in Owens Corning by 6.7% during the 1st quarter. CreativeOne Wealth LLC now owns 1,649 shares of the construction company's stock valued at $236,000 after purchasing an additional 103 shares during the period. Finally, Ieq Capital LLC purchased a new position in Owens Corning during the 1st quarter valued at about $1,415,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on OC shares. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Evercore ISI lifted their price objective on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. UBS Group cut their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada cut their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $184.60.

Owens Corning Stock Performance

Shares of OC opened at $150.11 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The business's 50 day moving average price is $144.98 and its 200-day moving average price is $144.06. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53. The stock has a market cap of $12.55 billion, a P/E ratio of 38.99, a P/E/G ratio of 10.89 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm 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 EPS. The business's revenue for the quarter was up 10.0% compared to the same quarter last year. Equities research analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Owens Corning Dividend Announcement

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

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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