Smithbridge Asset Management Inc. DE Makes New $2.37 Million Investment in Owens Corning (NYSE:OC)

Smithbridge Asset Management Inc. DE bought a new position in Owens Corning (NYSE:OC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 16,597 shares of the construction company's stock, valued at approximately $2,370,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of OC. Price T Rowe Associates Inc. MD increased its position in shares of Owens Corning by 41.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after buying an additional 414,770 shares during the period. Norges Bank bought a new position in Owens Corning in the 4th quarter worth about $208,519,000. Northern Trust Corp grew its holdings in shares of Owens Corning by 27.4% during the fourth quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock valued at $164,335,000 after buying an additional 207,677 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Owens Corning by 20.7% in the fourth quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock worth $126,849,000 after purchasing an additional 127,785 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Owens Corning by 1.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 739,669 shares of the construction company's stock valued at $125,980,000 after acquiring an additional 12,394 shares during the period. 88.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on OC. UBS Group reduced their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Loop Capital lowered their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Evercore ISI set a $165.00 target price on Owens Corning in a research report on Thursday, May 15th. Wall Street Zen cut shares of Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Barclays lowered their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $183.80.

Owens Corning Stock Up 1.5%

Shares of Owens Corning stock traded up $1.97 on Monday, reaching $136.46. The stock had a trading volume of 795,640 shares, compared to its average volume of 856,935. Owens Corning has a 1 year low of $123.41 and a 1 year high of $214.53. The company has a 50 day moving average price of $138.59 and a 200 day moving average price of $158.35. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $11.61 billion, a P/E ratio of 11.61, a P/E/G ratio of 1.88 and a beta of 1.34.

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

Owens Corning announced that its board has initiated a share repurchase plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

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.