Wedge Capital Management L L P NC Acquires 4,774 Shares of Owens Corning Inc $OC

Key Points

• Wedge Capital Management L L P NC increased its holdings in Owens Corning by 6.6% during the second quarter, bringing their total ownership to approximately 77,622 shares valued at around $10.68 million.
• Owens Corning reported a 10% increase in revenue year-over-year with $4.21 EPS for the last quarter, exceeding analysts' estimates of $3.80.
• The company will pay a quarterly dividend of $0.69 per share on November 6th, representing an annualized yield of 1.9% and a payout ratio of 71.69%.

Wedge Capital Management L L P NC raised its position in Owens Corning Inc (NYSE:OC - Free Report) by 6.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 77,622 shares of the construction company's stock after acquiring an additional 4,774 shares during the period. Wedge Capital Management L L P NC owned about 0.09% of Owens Corning worth $10,675,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Bangor Savings Bank bought a new stake in Owens Corning in the 2nd quarter valued at approximately $28,000. Wayfinding Financial LLC acquired a new position in shares of Owens Corning during the 1st quarter worth approximately $60,000. Geneos Wealth Management Inc. increased its position in shares of Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock worth $69,000 after purchasing an additional 184 shares during the last quarter. Archer Investment Corp increased its position in shares of Owens Corning by 17.9% during the 1st 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 last quarter. Finally, Quarry LP increased its position in shares of Owens Corning by 36.0% during the 1st quarter. Quarry LP now owns 676 shares of the construction company's stock worth $97,000 after purchasing an additional 179 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of NYSE:OC traded down $0.02 during trading on Tuesday, reaching $143.48. 488,908 shares of the company traded hands, compared to its average volume of 933,850. The company's 50 day moving average is $147.55 and its two-hundred day moving average is $142.52. The firm has a market capitalization of $12.00 billion, a PE ratio of 37.22, a PEG ratio of 10.31 and a beta of 1.32. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. The firm had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company's revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $4.64 EPS. As a group, sell-side analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, October 20th. Owens Corning's dividend payout ratio is currently 71.69%.

Analysts Set New Price Targets

OC has been the topic of several recent analyst reports. Evercore ISI boosted their price target on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Wells Fargo & Company boosted their price target on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. Barclays boosted 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. Royal Bank Of Canada lowered 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. Finally, UBS Group lowered their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $185.10.

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.