Citigroup Inc. Purchases 43,528 Shares of Owens Corning Inc (NYSE:OC)

Citigroup Inc. boosted its position in Owens Corning Inc (NYSE:OC) by 56.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 120,806 shares of the construction company’s stock after purchasing an additional 43,528 shares during the quarter. Citigroup Inc.’s holdings in Owens Corning were worth $17,254,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in OC. Bessemer Group Inc. boosted its stake in Owens Corning by 45.5% in the 4th quarter. Bessemer Group Inc. now owns 339 shares of the construction company’s stock valued at $57,000 after purchasing an additional 106 shares during the period. Wayfinding Financial LLC acquired a new position in Owens Corning in the 1st quarter valued at $60,000. Archer Investment Corp raised its holdings in 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 acquiring an additional 100 shares in the last quarter. Bayforest Capital Ltd acquired a new position in Owens Corning in the 1st quarter valued at $100,000. Finally, Palouse Capital Management Inc. raised its holdings in 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 acquiring an additional 262 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Price Performance

Shares of OC opened at $155.52 on Thursday. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The business has a 50-day simple moving average of $141.00 and a two-hundred day simple moving average of $146.76. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The stock has a market cap of $13.01 billion, a PE ratio of 40.39, a PEG ratio of 10.88 and a beta of 1.32.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%. The business had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. During the same quarter in the prior year, the firm earned $4.64 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. 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 initiated a share repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders 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 1.8%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning’s dividend payout ratio is presently 71.69%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OC. 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. Wells Fargo & Company lifted their price objective on Owens Corning from $165.00 to $170.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Barclays lifted their price objective on Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Royal Bank Of Canada dropped their price objective on Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Finally, Evercore ISI lifted their price objective on Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a report on Friday, August 8th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.