HighTower Advisors LLC Decreases Position in Owens Corning Inc $OC

HighTower Advisors LLC cut its stake in shares of Owens Corning Inc (NYSE:OC) by 10.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,262 shares of the construction company’s stock after selling 1,204 shares during the period. HighTower Advisors LLC’s holdings in Owens Corning were worth $1,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. OneDigital Investment Advisors LLC raised its position in Owens Corning by 33.3% during the first quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company’s stock valued at $234,000 after purchasing an additional 409 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Owens Corning by 11.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company’s stock valued at $4,416,000 after purchasing an additional 3,298 shares during the period. Wedge Capital Management L L P NC raised its position in Owens Corning by 32.0% during the first quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company’s stock valued at $10,404,000 after purchasing an additional 17,660 shares during the period. Moran Wealth Management LLC raised its position in Owens Corning by 31.4% during the first quarter. Moran Wealth Management LLC now owns 140,568 shares of the construction company’s stock valued at $20,076,000 after purchasing an additional 33,631 shares during the period. Finally, Eisler Capital Management Ltd. purchased a new stake in Owens Corning during the fourth quarter valued at approximately $2,403,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Trading Down 1.4%

Shares of NYSE OC opened at $153.57 on Tuesday. 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 business has a fifty day simple moving average of $143.31 and a two-hundred day simple moving average of $144.32. The firm has a market cap of $12.84 billion, a PE ratio of 39.89, a price-to-earnings-growth ratio of 11.13 and a beta of 1.32. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53.

Owens Corning (NYSE:OC) last issued 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 business 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%.Owens Corning’s revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the company posted $4.64 EPS. 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. Shareholders of record on Monday, July 21st were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. Owens Corning’s payout ratio is 71.69%.

Owens Corning announced that its Board of Directors has authorized a share buyback plan on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OC. Wells Fargo & Company increased their price target on Owens Corning from $165.00 to $170.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Loop Capital reduced their price target on Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Barclays increased their price target on Owens Corning from $167.00 to $173.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Royal Bank Of Canada reduced their price target on Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Finally, Wolfe Research upgraded Owens Corning from a “peer perform” rating to an “outperform” rating in a report on Friday, May 9th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $184.60.

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.