New York State Teachers Retirement System Trims Position in Owens Corning Inc (NYSE:OC)

New York State Teachers Retirement System decreased its position in shares of Owens Corning Inc (NYSE:OC) by 0.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 71,623 shares of the construction company’s stock after selling 220 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of Owens Corning worth $10,229,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. CoreCap Advisors LLC boosted its position in shares of Owens Corning by 3.3% during the fourth quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company’s stock worth $305,000 after acquiring an additional 57 shares during the last quarter. IFP Advisors Inc lifted its stake in Owens Corning by 35.6% in the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock worth $40,000 after purchasing an additional 62 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Owens Corning by 2.5% during the 4th quarter. Parallel Advisors LLC now owns 2,578 shares of the construction company’s stock valued at $439,000 after purchasing an additional 62 shares during the last quarter. Covestor Ltd grew its position in shares of Owens Corning by 15.7% during the fourth quarter. Covestor Ltd now owns 464 shares of the construction company’s stock valued at $79,000 after purchasing an additional 63 shares in the last quarter. Finally, Norden Group LLC increased its holdings in shares of Owens Corning by 6.4% in the fourth quarter. Norden Group LLC now owns 1,224 shares of the construction company’s stock worth $208,000 after purchasing an additional 74 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Down 0.3%

OC opened at $145.10 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. The stock’s 50 day moving average price is $138.43 and its 200-day moving average price is $152.97. Owens Corning Inc has a one year low of $123.41 and a one year high of $214.53. The stock has a market cap of $12.34 billion, a price-to-earnings ratio of 51.09, a P/E/G ratio of 3.84 and a beta of 1.33.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period in the previous year, the company posted $3.40 EPS. Owens Corning’s revenue 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 year.

Owens Corning announced that its Board of Directors has authorized 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 buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Monday, July 21st will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning’s payout ratio is 97.18%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Barclays cut their price target on Owens Corning from $179.00 to $167.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Evercore ISI set a $165.00 target price on shares of Owens Corning in a report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They set a “buy” rating and a $183.00 price target on the stock. UBS Group dropped their price objective on shares of Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Finally, Royal Bank Of Canada decreased their target price on shares of Owens Corning from $199.00 to $184.00 and set an “outperform” rating on the stock in a research report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.