Wealthquest Corp Makes New Investment in Owens Corning Inc (NYSE:OC)

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

Several other institutional investors and hedge funds have also modified their holdings of the business. Truist Financial Corp raised its holdings in Owens Corning by 4.0% in the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock valued at $2,732,000 after acquiring an additional 624 shares in the last quarter. Allstate Corp bought a new position in shares of Owens Corning in the fourth quarter worth $425,000. Integrated Quantitative Investments LLC acquired a new position in Owens Corning in the fourth quarter valued at about $349,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Owens Corning by 2.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 640,506 shares of the construction company's stock worth $109,091,000 after purchasing an additional 16,958 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Owens Corning during the fourth quarter worth about $51,220,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on OC shares. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Benchmark restated a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Evercore ISI set a $165.00 target price on Owens Corning in a research note on Thursday, May 15th. Barclays decreased their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Finally, UBS Group lowered their price target on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $183.80.

Owens Corning Price Performance

Shares of OC traded down $1.86 during trading hours on Wednesday, reaching $136.13. The stock had a trading volume of 461,041 shares, compared to its average volume of 861,077. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. Owens Corning Inc has a 12 month low of $123.41 and a 12 month high of $214.53. The stock has a market capitalization of $11.58 billion, a PE ratio of 47.93, a PEG ratio of 3.58 and a beta of 1.34. The company's 50-day moving average is $138.08 and its two-hundred day moving average is $155.29.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.82 by $0.15. The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The business's quarterly revenue was up 25.4% on a year-over-year basis. During the same period last year, the company earned $3.40 earnings per share. Research analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The company 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 of this dividend is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.03%. Owens Corning's dividend payout ratio (DPR) is currently 97.18%.

Owens Corning declared that its board has initiated a stock repurchase plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are 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.