Ashton Thomas Private Wealth LLC Boosts Stock Position in Owens Corning Inc $OC

Ashton Thomas Private Wealth LLC grew its stake in shares of Owens Corning Inc (NYSE:OC) by 9.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,552 shares of the construction company’s stock after buying an additional 1,318 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Owens Corning were worth $2,232,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. OneDigital Investment Advisors LLC raised its stake in Owens Corning by 33.3% during the 1st 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 stake in Owens Corning by 11.9% during the 1st 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 stake in Owens Corning by 32.0% during the 1st 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 stake in Owens Corning by 31.4% during the 1st 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, Unigestion Holding SA bought a new stake in Owens Corning during the 1st quarter valued at approximately $2,921,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OC has been the topic of several recent analyst reports. Barclays lifted 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. Royal Bank Of Canada decreased their target price on Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. UBS Group decreased their target price on Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company lifted their price objective on Owens Corning from $165.00 to $170.00 and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Finally, Evercore ISI lifted their price objective 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. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $184.60.

Owens Corning Stock Performance

NYSE OC opened at $149.34 on Wednesday. The company has a market cap of $12.49 billion, a P/E ratio of 38.79, a P/E/G ratio of 10.99 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 business’s 50 day moving average price is $146.85 and its 200-day moving average price is $142.68. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53.

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

Owens Corning Announces Dividend

The business also recently announced 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 payout ratio is currently 71.69%.

Owens Corning declared that its board has authorized a stock buyback plan 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 plans are often an indication that the company’s board believes its stock is undervalued.

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.