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

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

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OC. FPC Investment Advisory Inc. purchased a new position in Owens Corning in the fourth quarter valued at $28,000. Venturi Wealth Management LLC boosted its holdings in Owens Corning by 55.8% in the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after purchasing an additional 63 shares during the period. Wilmington Savings Fund Society FSB boosted its holdings in Owens Corning by 193.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock valued at $32,000 after purchasing an additional 122 shares during the period. Whipplewood Advisors LLC purchased a new stake in Owens Corning during the 4th quarter worth about $34,000. Finally, IFP Advisors Inc lifted its holdings in Owens Corning by 35.6% during the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock worth $40,000 after buying an additional 62 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OC. Barclays decreased their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Royal Bank of Canada decreased their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Loop Capital decreased their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, UBS Group decreased their price target on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $183.80.

Owens Corning Stock Performance

OC stock traded down $4.50 during trading on Friday, hitting $134.35. The company had a trading volume of 943,619 shares, compared to its average volume of 855,353. The firm has a market cap of $11.43 billion, a PE ratio of 11.43, a price-to-earnings-growth ratio of 1.88 and a beta of 1.34. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53. The firm has a 50-day moving average price of $138.42 and a 200-day moving average price of $159.50. 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 (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. The firm had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm's revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.40 EPS. On average, analysts expect that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning declared that its Board of Directors has initiated a stock buyback 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. Stock repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

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.