Owens Corning Inc (NYSE:OC) Shares Sold by GAMMA Investing LLC

GAMMA Investing LLC cut its holdings in shares of Owens Corning Inc (NYSE:OC) by 15.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,709 shares of the construction company’s stock after selling 306 shares during the period. GAMMA Investing LLC’s holdings in Owens Corning were worth $244,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Pallas Capital Advisors LLC acquired a new position in Owens Corning during the 1st quarter valued at about $205,000. Farther Finance Advisors LLC boosted its holdings in shares of Owens Corning by 29.6% in the first quarter. Farther Finance Advisors LLC now owns 2,819 shares of the construction company’s stock valued at $406,000 after acquiring an additional 644 shares in the last quarter. Wedge Capital Management L L P NC boosted its holdings in shares of Owens Corning by 32.0% in 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 acquiring an additional 17,660 shares in the last quarter. Bank of New Hampshire increased its stake in shares of Owens Corning by 3.6% during the first quarter. Bank of New Hampshire now owns 12,318 shares of the construction company’s stock valued at $1,759,000 after acquiring an additional 432 shares during the period. Finally, Wedmont Private Capital acquired a new stake in Owens Corning in the first quarter worth approximately $208,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Evercore ISI set a $165.00 price target on Owens Corning in a research report on Thursday, May 15th. UBS Group decreased their target price on Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Wolfe Research upgraded shares of Owens Corning from a “peer perform” rating to an “outperform” rating in a research report on Friday, May 9th. Loop Capital dropped their target price on shares of Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They set a “buy” rating and a $183.00 target price for the company. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $183.80.

Owens Corning Stock Up 1.6%

OC stock opened at $145.70 on Thursday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The firm has a market capitalization of $12.39 billion, a P/E ratio of 51.30, a P/E/G ratio of 3.79 and a beta of 1.33. Owens Corning Inc has a 52-week low of $123.41 and a 52-week high of $214.53. The company’s 50 day simple moving average is $138.40 and its 200-day simple moving average is $153.24.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The company’s revenue was up 25.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.40 EPS. As a group, equities research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning announced that its Board of Directors has initiated a stock repurchase program on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning’s payout ratio is 97.18%.

About Owens Corning

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.