TT International Asset Management LTD Raises Stock Position in Owens Corning Inc (NYSE:OC)

TT International Asset Management LTD lifted its stake in shares of Owens Corning Inc (NYSE:OC) by 15.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,961 shares of the construction company’s stock after purchasing an additional 922 shares during the period. TT International Asset Management LTD’s holdings in Owens Corning were worth $994,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank Pictet & Cie Europe AG purchased a new position in shares of Owens Corning in the 4th quarter valued at about $28,651,000. Principal Securities Inc. grew its position in Owens Corning by 11.4% in the 4th quarter. Principal Securities Inc. now owns 3,351 shares of the construction company’s stock valued at $571,000 after buying an additional 344 shares in the last quarter. Sanctuary Advisors LLC boosted its position in shares of Owens Corning by 2.6% during the 4th quarter. Sanctuary Advisors LLC now owns 30,919 shares of the construction company’s stock valued at $5,266,000 after purchasing an additional 790 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Owens Corning by 10.6% during the fourth quarter. CIBC Asset Management Inc now owns 3,884 shares of the construction company’s stock valued at $662,000 after buying an additional 371 shares in the last quarter. Finally, Truist Financial Corp lifted its position in shares of Owens Corning by 4.0% in the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company’s stock worth $2,732,000 after purchasing an additional 624 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on OC shares. Barclays lowered their price target on Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Loop Capital dropped their price objective on Owens Corning from $203.00 to $180.00 and set a “buy” rating for the company in a report on Thursday, May 8th. UBS Group lowered their price target on Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Wolfe Research raised Owens Corning from a “peer perform” rating to an “outperform” rating in a research note on Friday, May 9th. Finally, Evercore ISI set a $165.00 price target on shares of Owens Corning in a research note on Thursday, May 15th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $183.80.

Owens Corning Stock Up 0.8%

OC opened at $131.64 on Friday. Owens Corning Inc has a 1-year low of $123.41 and a 1-year high of $214.53. The stock’s fifty day simple moving average is $138.17 and its 200 day simple moving average is $156.51. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The stock has a market cap of $11.20 billion, a PE ratio of 46.35, a price-to-earnings-growth ratio of 3.45 and a beta of 1.34.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping 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 company had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter last year, the business earned $3.40 earnings per share. Owens Corning’s revenue was up 25.4% on a year-over-year basis. As a group, research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning announced that its board has approved a share buyback program on Wednesday, May 14th that allows the company to buyback 12,000,000 outstanding shares. This buyback authorization allows the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Monday, July 21st. Owens Corning’s dividend payout ratio is currently 97.18%.

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.