Teacher Retirement System of Texas Sells 17,809 Shares of Owens Corning Inc (NYSE:OC)

Teacher Retirement System of Texas lowered its position in Owens Corning Inc (NYSE:OC - Free Report) by 38.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,264 shares of the construction company's stock after selling 17,809 shares during the period. Teacher Retirement System of Texas' holdings in Owens Corning were worth $4,037,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Sebold Capital Management Inc. increased its position in shares of Owens Corning by 37.1% in the 1st quarter. Sebold Capital Management Inc. now owns 1,616 shares of the construction company's stock valued at $231,000 after buying an additional 437 shares in the last quarter. Hixon Zuercher LLC increased its position in shares of Owens Corning by 5.9% in the 1st quarter. Hixon Zuercher LLC now owns 8,564 shares of the construction company's stock valued at $1,223,000 after buying an additional 474 shares in the last quarter. Skylands Capital LLC increased its position in shares of Owens Corning by 2.6% in the 1st quarter. Skylands Capital LLC now owns 90,475 shares of the construction company's stock valued at $12,922,000 after buying an additional 2,250 shares in the last quarter. KBC Group NV increased its position in shares of Owens Corning by 75.2% in the 1st quarter. KBC Group NV now owns 634,783 shares of the construction company's stock valued at $90,659,000 after buying an additional 272,367 shares in the last quarter. Finally, 3Chopt Investment Partners LLC bought a new stake in shares of Owens Corning in the 1st quarter valued at $655,000. Institutional investors own 88.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on OC shares. Evercore ISI set a $165.00 target price on shares of Owens Corning in a research note on Thursday, May 15th. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Barclays reduced their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Royal Bank Of Canada reduced their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Finally, UBS Group reduced their target price on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, Owens Corning has a consensus rating of "Moderate Buy" and a consensus target price of $184.30.

Owens Corning Stock Performance

Owens Corning stock traded up $2.90 during trading hours on Thursday, hitting $150.19. The company had a trading volume of 1,295,202 shares, compared to its average volume of 865,552. The firm has a market cap of $12.77 billion, a PE ratio of 52.88, a PEG ratio of 3.89 and a beta of 1.33. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. Owens Corning Inc has a one year low of $123.41 and a one year high of $214.53. The firm has a 50-day moving average of $138.56 and a 200 day moving average of $152.02.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share 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 firm had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same period in the prior year, the firm earned $3.40 EPS. The business's revenue was up 25.4% on a year-over-year basis. On average, sell-side analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning declared that its Board of Directors has approved a stock buyback program on Wednesday, May 14th that allows the company to buyback 12,000,000 outstanding shares. This buyback authorization allows the construction company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders 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 annualized dividend and a dividend yield of 1.84%. Owens Corning's dividend payout ratio is presently 97.18%.

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.