Owens Corning Inc (NYSE:OC) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. boosted its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 12.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,815,685 shares of the construction company's stock after buying an additional 1,053,855 shares during the quarter. Vanguard Group Inc. owned 11.47% of Owens Corning worth $1,401,876,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after purchasing an additional 414,770 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Owens Corning in the 4th quarter valued at $51,400,000. Raymond James Financial Inc. purchased a new position in shares of Owens Corning in the 4th quarter valued at $51,220,000. KBC Group NV grew 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 during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Owens Corning by 54.6% in the 1st quarter. Victory Capital Management Inc. now owns 738,316 shares of the construction company's stock valued at $105,446,000 after buying an additional 260,868 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Barclays raised their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Loop Capital lowered their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company raised their price objective on shares of Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. UBS Group lowered their price objective on shares of 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 lowered their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $184.60.

Owens Corning Trading Down 0.8%

OC traded down $1.29 during trading on Friday, hitting $150.55. 84,916 shares of the company's stock were exchanged, compared to its average volume of 925,164. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The stock has a 50 day moving average price of $141.33 and a 200 day moving average price of $146.49. The firm has a market cap of $12.59 billion, a P/E ratio of 39.10, a price-to-earnings-growth ratio of 11.24 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its 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. The business had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the previous year, the company posted $4.64 earnings per share. As a group, analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

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

Owens Corning declared that its board has approved a stock repurchase program on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

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.