Envestnet Portfolio Solutions Inc. Has $383,000 Stake in Owens Corning Inc (NYSE:OC)

Envestnet Portfolio Solutions Inc. decreased its holdings in shares of Owens Corning Inc (NYSE:OC) by 71.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,684 shares of the construction company’s stock after selling 6,567 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Owens Corning were worth $383,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Bank Pictet & Cie Europe AG acquired a new position in shares of Owens Corning in the 4th quarter valued at $28,651,000. IFP Advisors Inc grew its holdings in shares of Owens Corning by 35.6% in the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock valued at $40,000 after buying an additional 62 shares during the period. Lake Street Advisors Group LLC grew its holdings in shares of Owens Corning by 9.6% in the 4th quarter. Lake Street Advisors Group LLC now owns 1,422 shares of the construction company’s stock valued at $242,000 after buying an additional 125 shares during the period. Whipplewood Advisors LLC acquired a new position in shares of Owens Corning in the 4th quarter valued at $34,000. Finally, Mn Services Vermogensbeheer B.V. grew its holdings in shares of Owens Corning by 2.0% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 35,690 shares of the construction company’s stock valued at $6,079,000 after buying an additional 700 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Trading Up 0.6%

Shares of NYSE:OC opened at $138.08 on Friday. The company’s 50-day moving average price is $138.06 and its two-hundred day moving average price is $154.02. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. Owens Corning Inc has a one year low of $123.41 and a one year high of $214.53. The stock has a market capitalization of $11.74 billion, a PE ratio of 48.62, a price-to-earnings-growth ratio of 3.64 and a beta of 1.34.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The firm had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the previous year, the firm posted $3.40 EPS. The company’s revenue for the quarter was up 25.4% on a year-over-year basis. On average, equities analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 14th that allows the company to buyback 12,000,000 outstanding shares. This buyback authorization allows the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Monday, July 21st will be given a dividend of $0.69 per share. The ex-dividend date is Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 2.00%. Owens Corning’s dividend payout ratio (DPR) is presently 97.18%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Evercore ISI set a $165.00 price target on shares of Owens Corning in a report on Thursday, May 15th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Wells Fargo & Company boosted their price objective on shares of Owens Corning from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Barclays cut their price objective on shares of Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $183.80.

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.