Cetera Investment Advisers Boosts Holdings in Owens Corning (NYSE:OC)

Cetera Investment Advisers raised its stake in shares of Owens Corning (NYSE:OC - Free Report) by 21.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,449 shares of the construction company's stock after acquiring an additional 3,935 shares during the period. Cetera Investment Advisers' holdings in Owens Corning were worth $3,823,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. FPC Investment Advisory Inc. bought a new stake in Owens Corning in the 4th quarter valued at about $28,000. Venturi Wealth Management LLC grew its holdings in Owens Corning by 55.8% during the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after buying an additional 63 shares in the last quarter. Global Trust Asset Management LLC purchased a new position in Owens Corning during the 4th quarter valued at about $31,000. Wilmington Savings Fund Society FSB grew its holdings in Owens Corning by 193.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock valued at $32,000 after buying an additional 122 shares in the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in Owens Corning during the 4th quarter valued at about $34,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Down 2.6%

Shares of NYSE:OC traded down $3.69 on Wednesday, hitting $137.47. 157,716 shares of the company traded hands, compared to its average volume of 828,783. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. Owens Corning has a 52 week low of $123.41 and a 52 week high of $214.53. The company has a market cap of $11.69 billion, a PE ratio of 11.75, a PEG ratio of 1.88 and a beta of 1.44. The stock has a 50 day simple moving average of $141.21 and a 200-day simple moving average of $166.03.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same period in the previous year, the firm earned $3.40 EPS. The business's quarterly revenue was up 25.4% on a year-over-year basis. As a group, research analysts expect that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning declared that its board has authorized a share 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 purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a research report on Thursday, May 15th. JPMorgan Chase & Co. decreased their price objective on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. UBS Group decreased their price objective on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Royal Bank of Canada decreased their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Finally, StockNews.com lowered Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and an average price target of $186.64.

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.