LPL Financial LLC Trims Stock Holdings in Owens Corning Inc (NYSE:OC)

LPL Financial LLC cut its holdings in shares of Owens Corning Inc (NYSE:OC) by 37.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 47,949 shares of the construction company’s stock after selling 28,798 shares during the quarter. LPL Financial LLC owned about 0.06% of Owens Corning worth $6,848,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Inspire Advisors LLC purchased a new position in shares of Owens Corning in the 1st quarter worth about $866,000. TD Asset Management Inc raised its holdings in shares of Owens Corning by 4.6% in the 1st quarter. TD Asset Management Inc now owns 16,781 shares of the construction company’s stock worth $2,397,000 after purchasing an additional 737 shares during the period. HB Wealth Management LLC grew its stake in shares of Owens Corning by 39.3% in the first quarter. HB Wealth Management LLC now owns 2,229 shares of the construction company’s stock valued at $318,000 after buying an additional 629 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in shares of Owens Corning by 33.3% in the first quarter. Avantax Advisory Services Inc. now owns 4,573 shares of the construction company’s stock valued at $653,000 after buying an additional 1,143 shares in the last quarter. Finally, Oak Thistle LLC acquired a new stake in shares of Owens Corning in the first quarter valued at about $388,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on OC shares. Royal Bank Of Canada lowered their target price on Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Wolfe Research upgraded Owens Corning from a “peer perform” rating to an “outperform” rating in a research note on Friday, May 9th. Barclays increased their target price on Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Evercore ISI increased their target price on Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a research note on Friday. Finally, Loop Capital lowered their target price on Owens Corning from $203.00 to $180.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Five 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 has a consensus rating of “Moderate Buy” and a consensus target price of $184.60.

Owens Corning Price Performance

Shares of NYSE OC opened at $141.93 on Tuesday. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The business has a 50 day moving average price of $140.35 and a two-hundred day moving average price of $146.68. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The firm has a market cap of $11.87 billion, a PE ratio of 36.86, a price-to-earnings-growth ratio of 10.47 and a beta of 1.32.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The business’s revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $4.64 EPS. Sell-side analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Monday, July 21st were given a $0.69 dividend. The ex-dividend date was Monday, July 21st. This represents a $2.76 annualized dividend and a dividend yield of 1.9%. Owens Corning’s dividend payout ratio (DPR) is presently 71.69%.

Owens Corning declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Owens Corning 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.