Owens Corning Inc $OC Shares Sold by Credit Agricole S A

Credit Agricole S A trimmed its position in Owens Corning Inc (NYSE:OC) by 4.6% during the first quarter, Holdings Channel.com reports. The firm owned 127,370 shares of the construction company’s stock after selling 6,082 shares during the period. Credit Agricole S A’s holdings in Owens Corning were worth $18,191,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of OC. Wayfinding Financial LLC purchased a new position in shares of Owens Corning in the 1st quarter valued at $60,000. Archer Investment Corp grew its position in shares of Owens Corning by 17.9% in the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company’s stock valued at $94,000 after buying an additional 100 shares during the last quarter. Bayforest Capital Ltd purchased a new position in shares of Owens Corning in the 1st quarter valued at $100,000. Palouse Capital Management Inc. grew its position in shares of Owens Corning by 50.0% in the 1st quarter. Palouse Capital Management Inc. now owns 786 shares of the construction company’s stock valued at $112,000 after buying an additional 262 shares during the last quarter. Finally, Brooklyn Investment Group grew its position in Owens Corning by 260.8% during the 1st quarter. Brooklyn Investment Group now owns 783 shares of the construction company’s stock worth $112,000 after purchasing an additional 566 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Down 2.4%

Shares of NYSE OC opened at $148.6690 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53. The firm has a 50-day moving average price of $142.35 and a 200 day moving average price of $145.44. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of 38.62, a price-to-earnings-growth ratio of 10.89 and a beta of 1.32.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating 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 firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. During the same quarter last year, the business earned $4.64 earnings per share. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. Equities research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were given a dividend of $0.69 per share. The ex-dividend date was Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.9%. Owens Corning’s payout ratio is presently 71.69%.

Owens Corning declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. UBS Group lowered their price objective on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Loop Capital lowered their price objective on shares of Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Barclays raised their price objective 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. Evercore ISI raised their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the stock an “in-line” rating in a research report on Friday, August 8th. Finally, Wells Fargo & Company raised their target price on shares of Owens Corning from $165.00 to $170.00 and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $184.60.

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.