UniSuper Management Pty Ltd Grows Position in Owens Corning Inc $OC

Key Points

• UniSuper Management Pty Ltd significantly increased its stake in Owens Corning Inc by 333.1%, acquiring a total of 7,363 shares worth approximately $1,052,000.
• Owens Corning recently reported earnings of $4.21 per share, exceeding expectations and indicating a 10% revenue increase year-over-year with $2.75 billion in revenue.
• The company has launched a share buyback program to repurchase up to 12 million shares, signaling management's confidence in the stock's current valuation.

UniSuper Management Pty Ltd grew its stake in Owens Corning Inc (NYSE:OC - Free Report) by 333.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,363 shares of the construction company's stock after acquiring an additional 5,663 shares during the quarter. UniSuper Management Pty Ltd's holdings in Owens Corning were worth $1,052,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after acquiring an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Owens Corning by 67.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after acquiring an additional 957,295 shares in the last quarter. LSV Asset Management boosted its holdings in Owens Corning by 1.9% in the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock worth $210,812,000 after acquiring an additional 27,185 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Owens Corning by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after acquiring an additional 5,819 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Owens Corning by 179.0% in the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock worth $123,287,000 after acquiring an additional 553,864 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Owens Corning Price Performance

Shares of NYSE:OC traded down $2.77 during trading on Tuesday, hitting $149.64. 751,031 shares of the company's stock were exchanged, compared to its average volume of 905,233. 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 52-week low of $123.40 and a 52-week high of $214.53. The business's 50-day simple moving average is $147.69 and its 200 day simple moving average is $142.57. The company has a market cap of $12.51 billion, a price-to-earnings ratio of 38.87, a PEG ratio of 10.79 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) 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 firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter last year, the business posted $4.64 earnings per share. The firm's revenue was up 10.0% on a year-over-year basis. As a group, equities analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were given a dividend of $0.69 per share. The ex-dividend date was Monday, July 21st. This represents a $2.76 annualized dividend and a dividend yield of 1.8%. Owens Corning's dividend payout ratio (DPR) is currently 71.69%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on OC shares. Wells Fargo & Company upped their price target on Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Evercore ISI upped their price target on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Barclays upped their price target on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, UBS Group lowered their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $185.10.

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.