Vident Advisory LLC Acquires 1,806 Shares of Owens Corning Inc $OC

Key Points

• Vident Advisory LLC increased its holdings in Owens Corning Inc by 16.0%, acquiring an additional 1,806 shares, bringing its total to 13,092 shares valued at approximately $1.87 million.
• The company reported quarterly earnings of $4.21 per share, exceeding analyst expectations of $3.80, with revenue of $2.75 billion, a 10.0% increase compared to the same quarter last year.
• Owens Corning's Board of Directors has authorized a share repurchase program allowing the company to buy back up to 12 million shares, indicating that they believe the stock is undervalued.

Vident Advisory LLC raised its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 16.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 13,092 shares of the construction company's stock after purchasing an additional 1,806 shares during the period. Vident Advisory LLC's holdings in Owens Corning were worth $1,870,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Wayfinding Financial LLC acquired a new position in Owens Corning during the 1st quarter valued at about $60,000. Archer Investment Corp boosted its stake in shares of Owens Corning by 17.9% in the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after buying an additional 100 shares during the last quarter. Bayforest Capital Ltd purchased a new position in shares of Owens Corning in the 1st quarter worth approximately $100,000. Palouse Capital Management Inc. boosted its stake in shares of Owens Corning by 50.0% in the 1st 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 last quarter. Finally, Brooklyn Investment Group boosted its stake in shares of Owens Corning by 260.8% in the 1st quarter. Brooklyn Investment Group now owns 783 shares of the construction company's stock worth $112,000 after buying an additional 566 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Performance

Owens Corning stock traded up $3.08 during trading on Friday, hitting $155.44. The stock had a trading volume of 1,195,926 shares, compared to its average volume of 928,179. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The stock's 50 day moving average is $146.03 and its two-hundred day moving average is $143.27. The stock has a market cap of $13.00 billion, a price-to-earnings ratio of 40.37, a price-to-earnings-growth ratio of 10.58 and a beta of 1.32.

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

Owens Corning announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 14th that allows the company to buyback 12,000,000 outstanding shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Owens Corning Dividend Announcement

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

Analyst Upgrades and Downgrades

OC has been the topic of a number of research analyst reports. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Royal Bank Of Canada cut their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Evercore ISI boosted their target price on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. UBS Group cut their target price on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Finally, Wells Fargo & Company boosted their target price on Owens Corning from $165.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $184.60.

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.