Wealthquest Corp Takes Position in Owens Corning Inc (NYSE:OC)

Key Points

• Wealthquest Corp has made a new investment of approximately $458,000 in Owens Corning Inc, acquiring 3,206 shares during the first quarter.
• Owens Corning has received multiple positive analyst ratings, with a consensus target price of $184.30, and recent price targets suggesting growth potential.
• The company reported earnings of $2.97 per share in its last quarterly results, exceeding analysts' estimates, with revenue increasing by 25.4% compared to the previous year.

Wealthquest Corp purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,206 shares of the construction company's stock, valued at approximately $458,000.

Several other large investors have also recently made changes to their positions in OC. Bank Pictet & Cie Europe AG purchased a new stake in shares of Owens Corning in the fourth quarter worth about $28,651,000. LPL Financial LLC boosted its stake in shares of Owens Corning by 43.9% in the fourth quarter. LPL Financial LLC now owns 76,747 shares of the construction company's stock worth $13,072,000 after buying an additional 23,427 shares during the last quarter. Allstate Corp purchased a new stake in shares of Owens Corning in the fourth quarter worth about $425,000. National Bank of Canada FI boosted its stake in shares of Owens Corning by 48.9% in the fourth quarter. National Bank of Canada FI now owns 37,423 shares of the construction company's stock worth $6,374,000 after buying an additional 12,293 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Owens Corning in the fourth quarter worth about $5,838,000. 88.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Evercore ISI set a $165.00 price target on Owens Corning in a research report on Thursday, May 15th. UBS Group lowered their price target on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Royal Bank Of Canada lowered their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company increased their price target on Owens Corning from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Loop Capital reduced their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $184.30.

Owens Corning Stock Up 0.7%

NYSE OC traded up $1.01 during trading hours on Monday, hitting $137.57. The company had a trading volume of 794,197 shares, compared to its average volume of 925,044. The firm's 50 day moving average is $139.29 and its 200 day moving average is $148.47. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The company has a market capitalization of $11.70 billion, a price-to-earnings ratio of 48.44, a P/E/G ratio of 3.61 and a beta of 1.32. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted 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 business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period last year, the firm earned $3.40 earnings per share. The company's revenue for the quarter was up 25.4% compared to the same quarter last year. 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 announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 2.0%. Owens Corning's payout ratio is presently 97.18%.

Owens Corning announced that its Board of Directors has approved a stock buyback program on Wednesday, May 14th that permits the company to buyback 12,000,000 outstanding shares. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's board of directors 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.