111 Capital purchased a new position in Owens Corning (NYSE:OC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,413 shares of the construction company's stock, valued at approximately $1,092,000.
Other hedge funds also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in Owens Corning by 5.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,162 shares of the construction company's stock valued at $1,220,000 after acquiring an additional 369 shares during the period. Menard Financial Group LLC lifted its stake in Owens Corning by 3.6% during 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 during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Owens Corning during the 4th quarter valued at about $25,218,000. Polar Asset Management Partners Inc. lifted its stake in Owens Corning by 76.7% during the 4th quarter. Polar Asset Management Partners Inc. now owns 20,500 shares of the construction company's stock valued at $3,492,000 after acquiring an additional 8,900 shares during the period. Finally, Toronto Dominion Bank lifted its stake in Owens Corning by 6.2% during the 4th quarter. Toronto Dominion Bank now owns 11,702 shares of the construction company's stock valued at $1,993,000 after acquiring an additional 679 shares during the period. Institutional investors own 88.40% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the stock. Loop Capital lowered their target price on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Barclays lowered their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Benchmark restated a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Wells Fargo & Company upped their target price on shares of Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Finally, Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and a consensus target price of $183.80.
Check Out Our Latest Stock Report on OC
Owens Corning Stock Performance
Shares of NYSE:OC traded down $1.40 during trading on Friday, hitting $133.90. The company's stock had a trading volume of 1,470,128 shares, compared to its average volume of 841,986. The company has a 50-day moving average of $139.61 and a 200-day moving average of $163.69. Owens Corning has a 12 month low of $123.41 and a 12 month high of $214.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The firm has a market cap of $11.39 billion, a price-to-earnings ratio of 11.40, a P/E/G ratio of 1.88 and a beta of 1.44.
Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. The company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm's quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.40 EPS. On average, sell-side analysts expect that Owens Corning will post 15.49 earnings per share for the current year.
Owens Corning announced that its board has initiated a stock buyback program on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.
Owens Corning Company Profile
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Free Report)
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.
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