CCM Investment Group LLC Invests $818,000 in Owens Corning Inc (NYSE:OC)

CCM Investment Group LLC acquired a new position in Owens Corning Inc (NYSE:OC) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 5,737 shares of the construction company’s stock, valued at approximately $818,000.

Several other large investors have also recently modified their holdings of OC. CoreCap Advisors LLC boosted its position in shares of Owens Corning by 3.3% in the 4th quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company’s stock worth $305,000 after purchasing an additional 57 shares in the last quarter. Covestor Ltd boosted its position in shares of Owens Corning by 15.7% in the 4th quarter. Covestor Ltd now owns 464 shares of the construction company’s stock worth $79,000 after purchasing an additional 63 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its position in shares of Owens Corning by 0.6% in the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company’s stock worth $1,863,000 after purchasing an additional 74 shares in the last quarter. Menard Financial Group LLC lifted its position in Owens Corning by 3.6% in the 4th quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company’s stock valued at $387,000 after acquiring an additional 80 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Owens Corning by 13.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company’s stock valued at $125,000 after acquiring an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OC. Wolfe Research raised Owens Corning from a “peer perform” rating to an “outperform” rating in a research report on Friday, May 9th. Wells Fargo & Company upped their price objective on Owens Corning from $165.00 to $170.00 and gave the company an “overweight” rating in a research report on Thursday. Barclays upped their price objective on Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a research report on Thursday. Loop Capital lowered their price objective on Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Finally, UBS Group lowered their price objective on Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday. Five equities research 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 has a consensus rating of “Moderate Buy” and a consensus price target of $184.60.

Owens Corning Price Performance

NYSE OC opened at $143.90 on Monday. The business’s fifty day moving average price is $140.16 and its 200-day moving average price is $147.00. The stock has a market capitalization of $12.03 billion, a price-to-earnings ratio of 37.38, a PEG ratio of 10.47 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53.

Owens Corning (NYSE:OC) last released its quarterly 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. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the prior year, the firm earned $4.64 EPS. The company’s revenue was up 10.0% compared to the same quarter last year. On average, equities analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

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

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning’s dividend payout ratio (DPR) is currently 71.69%.

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.