Cetera Investment Advisers Trims Stock Position in Owens Corning Inc (NYSE:OC)

Cetera Investment Advisers lessened its holdings in shares of Owens Corning Inc (NYSE:OC) by 22.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,316 shares of the construction company’s stock after selling 5,133 shares during the period. Cetera Investment Advisers’ holdings in Owens Corning were worth $2,473,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OC. Bessemer Group Inc. grew its position in shares of Owens Corning by 45.5% in the fourth quarter. Bessemer Group Inc. now owns 339 shares of the construction company’s stock valued at $57,000 after purchasing an additional 106 shares during the period. Wayfinding Financial LLC acquired a new position in Owens Corning during the first quarter worth about $60,000. Covestor Ltd boosted its position in Owens Corning by 15.7% during the fourth quarter. Covestor Ltd now owns 464 shares of the construction company’s stock worth $79,000 after acquiring an additional 63 shares during the last quarter. Archer Investment Corp boosted its position in Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company’s stock worth $94,000 after acquiring an additional 100 shares during the last quarter. Finally, Palouse Capital Management Inc. boosted its holdings in Owens Corning by 50.0% in the 1st quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company’s stock valued at $112,000 after purchasing an additional 262 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OC shares. Evercore ISI set a $165.00 target price on shares of Owens Corning in a report on Thursday, May 15th. 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 report on Thursday, May 8th. Wolfe Research upgraded shares of Owens Corning from a “peer perform” rating to an “outperform” rating in a report on Friday, May 9th. Loop Capital reduced their price target on shares of Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Finally, Barclays reduced their price target on shares of Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a research note on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $184.30.

Owens Corning Price Performance

Shares of OC opened at $147.82 on Thursday. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The firm’s 50 day moving average price is $139.72 and its 200 day moving average price is $148.11. The company has a market cap of $12.57 billion, a P/E ratio of 52.05, a PEG ratio of 3.72 and a beta of 1.32. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 1.02.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating analysts’ consensus estimates of $3.80 by $0.41. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.64 EPS. On average, research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm 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 $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning’s dividend payout ratio is 97.18%.

Owens Corning declared that its board has approved a stock repurchase plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors 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.