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

Teacher Retirement System of Texas trimmed its stake in Owens Corning Inc (NYSE:OC - Free Report) by 38.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 28,264 shares of the construction company's stock after selling 17,809 shares during the quarter. 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 hedge funds also recently added to or reduced their stakes in the stock. Assetmark Inc. grew its holdings in Owens Corning by 195.1% during the fourth quarter. Assetmark Inc. now owns 239 shares of the construction company's stock worth $41,000 after acquiring an additional 158 shares during the period. Bessemer Group Inc. grew 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 during the period. Covestor Ltd grew its holdings in Owens Corning by 15.7% during the fourth quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after acquiring an additional 63 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Owens Corning by 13.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after acquiring an additional 85 shares during the period. Finally, Coppell Advisory Solutions LLC grew its holdings in Owens Corning by 101.3% during the fourth quarter. Coppell Advisory Solutions LLC now owns 763 shares of the construction company's stock worth $129,000 after acquiring an additional 384 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Down 1.8%

NYSE OC traded down $2.63 during trading on Friday, reaching $147.60. 668,923 shares of the company's stock were exchanged, compared to its average volume of 864,769. Owens Corning Inc has a fifty-two week low of $123.41 and a fifty-two week high of $214.53. The firm has a market capitalization of $12.55 billion, a PE ratio of 51.97, a P/E/G ratio of 3.89 and a beta of 1.33. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The company's fifty day simple moving average is $138.56 and its 200-day simple moving average is $152.02.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. The business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The firm's revenue was up 25.4% on a year-over-year basis. During the same period in the previous year, the company earned $3.40 EPS. Sell-side analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Monday, July 21st. Owens Corning's payout ratio is 97.18%.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Wells Fargo & Company lifted their price target on Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research note on Tuesday. 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. Evercore ISI set a $165.00 price target on Owens Corning in a research note on Thursday, May 15th. Finally, Barclays dropped their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and an average target price of $184.30.

Owens Corning 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.