Owens Corning Inc (NYSE:OC) Shares Sold by National Bank of Canada FI

National Bank of Canada FI cut its holdings in Owens Corning Inc (NYSE:OC) by 39.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 22,502 shares of the construction company’s stock after selling 14,921 shares during the period. National Bank of Canada FI’s holdings in Owens Corning were worth $3,212,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of OC. Vanguard Group Inc. increased its stake in Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after acquiring an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Owens Corning by 41.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock worth $242,337,000 after acquiring an additional 414,770 shares during the last quarter. Raiffeisen Bank International AG acquired a new stake in Owens Corning during the fourth quarter worth about $51,400,000. KBC Group NV increased its stake in Owens Corning by 75.2% during the first quarter. KBC Group NV now owns 634,783 shares of the construction company’s stock worth $90,659,000 after acquiring an additional 272,367 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Owens Corning by 54.6% during the first quarter. Victory Capital Management Inc. now owns 738,316 shares of the construction company’s stock worth $105,446,000 after acquiring an additional 260,868 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Down 2.2%

Shares of NYSE OC opened at $151.96 on Friday. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The firm has a market cap of $12.71 billion, a price-to-earnings ratio of 39.47, a PEG ratio of 11.24 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The stock’s 50-day simple moving average is $141.33 and its 200-day simple moving average is $146.49.

Owens Corning (NYSE:OC) last issued its quarterly 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. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same quarter last year, the company posted $4.64 earnings per share. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. As a group, equities analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders 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 annualized dividend and a dividend yield of 1.8%. Owens Corning’s dividend payout ratio (DPR) is presently 71.69%.

Analyst Ratings Changes

Several brokerages have commented on OC. Evercore ISI upped their price target on Owens Corning from $165.00 to $169.00 and gave the stock an “in-line” rating in a research note on Friday, August 8th. Barclays upped their price target on shares of Owens Corning from $167.00 to $173.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Royal Bank Of Canada decreased their price target on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. UBS Group decreased their price target on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Finally, Loop Capital decreased their price target on shares of Owens Corning from $203.00 to $180.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.