Versor Investments LP Acquires Shares of 11,023 Owens Corning Inc (NYSE:OC)

Key Points

• Versor Investments LP has acquired 11,023 shares of Owens Corning Inc, valued at approximately $1.57 million, during the 1st quarter.
• Owens Corning recently reported a quarterly earnings per share (EPS) of $4.21, exceeding analysts' estimates of $3.80, and a revenue growth of 10% year-over-year.
• The company declared a quarterly dividend of $0.69 per share, representing an annualized dividend yield of 1.8% and initiated a share buyback program authorizing the repurchase of 12 million shares.

Versor Investments LP acquired a new stake in Owens Corning Inc (NYSE:OC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,023 shares of the construction company's stock, valued at approximately $1,574,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of OC. Wayfinding Financial LLC bought a new position in shares of Owens Corning during the first quarter worth approximately $60,000. Archer Investment Corp increased its stake in shares of Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after purchasing an additional 100 shares during the period. Bayforest Capital Ltd bought a new position in shares of Owens Corning during the first quarter worth approximately $100,000. Palouse Capital Management Inc. increased its stake in shares of Owens Corning by 50.0% during the first quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock worth $112,000 after purchasing an additional 262 shares during the period. Finally, Allworth Financial LP increased its stake in shares of Owens Corning by 86.6% during the first quarter. Allworth Financial LP now owns 819 shares of the construction company's stock worth $118,000 after purchasing an additional 380 shares during the period. Institutional investors own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Royal Bank Of Canada reduced their price target 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. Barclays increased their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. UBS Group reduced their target price on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Finally, Wells Fargo & Company raised their target price on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Owens Corning has a consensus rating of "Moderate Buy" and a consensus target price of $184.60.

Owens Corning Stock Down 1.1%

Shares of OC opened at $150.20 on Friday. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53. The stock has a market capitalization of $12.56 billion, a price-to-earnings ratio of 39.01, a PEG ratio of 10.87 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The stock has a fifty day moving average of $141.63 and a 200-day moving average of $145.92.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating 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 company had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same period in the prior year, the company earned $4.64 EPS. Owens Corning's revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

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

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

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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.