Victory Capital Management Inc. Acquires 260,868 Shares of Owens Corning Inc (NYSE:OC)

Victory Capital Management Inc. raised its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 54.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 738,316 shares of the construction company's stock after purchasing an additional 260,868 shares during the period. Victory Capital Management Inc. owned approximately 0.86% of Owens Corning worth $105,446,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Bessemer Group Inc. raised its position in Owens Corning by 45.5% during the fourth quarter. Bessemer Group Inc. now owns 339 shares of the construction company's stock valued at $57,000 after purchasing an additional 106 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Owens Corning in the first quarter worth about $60,000. Covestor Ltd increased its holdings in shares of Owens Corning by 15.7% in the fourth quarter. Covestor Ltd now owns 464 shares of the construction company's stock worth $79,000 after buying an additional 63 shares during the period. Palouse Capital Management Inc. increased its holdings in shares of Owens Corning by 50.0% in the first quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company's stock worth $112,000 after buying an additional 262 shares during the period. Finally, Allworth Financial LP increased its holdings in shares of Owens Corning by 86.6% in the first quarter. Allworth Financial LP now owns 819 shares of the construction company's stock worth $118,000 after buying an additional 380 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on OC shares. UBS Group decreased their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Royal Bank Of Canada decreased their price objective on Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Loop Capital decreased their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Evercore ISI set a $165.00 price target on Owens Corning in a report on Thursday, May 15th. Finally, Barclays reduced their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $184.30.

Owens Corning Stock Down 1.1%

Shares of NYSE:OC traded down $1.61 during trading on Friday, hitting $140.08. The stock had a trading volume of 763,582 shares, compared to its average volume of 862,209. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02. The firm's fifty day moving average is $138.84 and its 200 day moving average is $151.05. Owens Corning Inc has a 12 month low of $123.41 and a 12 month high of $214.53. The company has a market capitalization of $11.91 billion, a PE ratio of 49.32, a PEG ratio of 3.71 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. 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 previous year, the firm posted $3.40 EPS. The business's revenue for the quarter was up 25.4% compared to the same quarter last year. Analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be given a $0.69 dividend. The ex-dividend date is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.97%. Owens Corning's dividend payout ratio is currently 97.18%.

Owens Corning declared that its board has initiated a stock repurchase plan 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 plans are generally a sign that the company's management believes its stock is undervalued.

Owens Corning Company 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.