California State Teachers Retirement System Sells 4,590 Shares of Owens Corning (NYSE:OC)

California State Teachers Retirement System reduced its stake in shares of Owens Corning (NYSE:OC - Free Report) by 4.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 103,244 shares of the construction company's stock after selling 4,590 shares during the period. California State Teachers Retirement System owned about 0.12% of Owens Corning worth $17,585,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in 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 worth $242,337,000 after purchasing an additional 414,770 shares during the period. Norges Bank bought a new position in Owens Corning during the fourth quarter worth about $208,519,000. Northern Trust Corp boosted its position in Owens Corning by 27.4% during the fourth quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock worth $164,335,000 after purchasing an additional 207,677 shares during the period. First Trust Advisors LP boosted its position in Owens Corning by 20.7% during 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 period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Owens Corning by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 739,669 shares of the construction company's stock worth $125,980,000 after purchasing an additional 12,394 shares during the period. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Performance

Shares of OC stock traded down $2.08 during mid-day trading on Monday, reaching $131.87. 590,796 shares of the company's stock traded hands, compared to its average volume of 840,021. Owens Corning has a 12 month low of $123.41 and a 12 month high of $214.53. The firm has a 50 day moving average price of $139.30 and a two-hundred day moving average price of $162.85. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The firm has a market capitalization of $11.22 billion, a PE ratio of 11.23, a price-to-earnings-growth 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 for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter in the previous year, the company earned $3.40 EPS. Owens Corning's revenue for the quarter was up 25.4% on a year-over-year basis. On average, research analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 14th that allows the company to buyback 12,000,000 outstanding shares. This buyback authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

OC has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Evercore ISI set a $165.00 target price on shares of Owens Corning in a research note on Thursday, May 15th. Benchmark reiterated a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Finally, UBS Group dropped their target price on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $183.80.

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.