Zurcher Kantonalbank Zurich Cantonalbank Has $73.21 Million Holdings in Owens Corning Inc (NYSE:OC)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Owens Corning by 20% in Q1, selling 127,927 shares and maintaining ownership of 512,579 shares valued at approximately $73.2 million.
• Owens Corning's stock has seen a wide range in the past year, with a high of $214.53 and a low of $123.40, and currently has a market cap of $12.41 billion.
• The company recently approved a stock repurchase plan allowing for the buyback of 12 million shares, reflecting its belief that the stock is undervalued.

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in Owens Corning Inc (NYSE:OC - Free Report) by 20.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 512,579 shares of the construction company's stock after selling 127,927 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.60% of Owens Corning worth $73,207,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of OC. Bank Pictet & Cie Europe AG bought a new stake in shares of Owens Corning during the 4th quarter worth $28,651,000. LPL Financial LLC grew its stake in shares of Owens Corning by 43.9% during 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. Norges Bank bought a new stake in shares of Owens Corning during the fourth quarter worth $208,519,000. Pictet Asset Management Holding SA grew its stake in shares of Owens Corning by 4.4% during the fourth quarter. Pictet Asset Management Holding SA now owns 138,592 shares of the construction company's stock worth $23,605,000 after buying an additional 5,826 shares during the last quarter. Finally, Orion Portfolio Solutions LLC grew its stake in shares of Owens Corning by 0.5% during the fourth quarter. Orion Portfolio Solutions LLC now owns 21,262 shares of the construction company's stock worth $3,621,000 after buying an additional 107 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OC. Evercore ISI set a $165.00 target price on shares of Owens Corning in a research note on Thursday, May 15th. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. UBS Group decreased their target price on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company increased their price objective on Owens Corning from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Owens Corning has an average rating of "Moderate Buy" and a consensus price target of $184.30.

Owens Corning Trading Down 0.5%

Owens Corning stock traded down $0.76 during trading hours on Wednesday, reaching $143.51. 219,984 shares of the company's stock were exchanged, compared to its average volume of 921,933. The firm has a market capitalization of $12.21 billion, a PE ratio of 50.49, a PEG ratio of 3.79 and a beta of 1.33. 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 50 day simple moving average is $139.05 and its 200 day simple moving average is $149.43. Owens Corning Inc has a twelve month low of $123.40 and a twelve month 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. The firm had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The company's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.40 EPS. Research analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be paid a $0.69 dividend. The ex-dividend date is Monday, July 21st. This represents a $2.76 annualized dividend and a dividend yield of 1.92%. Owens Corning's dividend payout ratio is presently 97.18%.

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