Davidson Capital Management Inc. Takes Position in Owens Corning Inc (NYSE:OC)

Davidson Capital Management Inc. purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 18,027 shares of the construction company's stock, valued at approximately $2,575,000.

Several other institutional investors have also bought and sold shares of OC. Norges Bank bought a new position in shares of Owens Corning during the 4th quarter worth $208,519,000. Price T Rowe Associates Inc. MD raised its stake in Owens Corning by 41.1% in the 4th 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 acquiring an additional 414,770 shares during the period. Raiffeisen Bank International AG purchased a new stake in Owens Corning during the fourth quarter valued at about $51,400,000. Raymond James Financial Inc. bought a new position in Owens Corning during the fourth quarter worth about $51,220,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of Owens Corning in the fourth quarter worth about $41,252,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of NYSE:OC traded down $2.03 during mid-day trading on Thursday, reaching $130.57. The stock had a trading volume of 1,078,685 shares, compared to its average volume of 861,483. The company has a market cap of $11.11 billion, a P/E ratio of 45.97, a price-to-earnings-growth ratio of 3.50 and a beta of 1.34. The business's 50 day moving average price is $138.40 and its 200 day moving average price is $157.50. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. Owens Corning Inc has a 1 year low of $123.41 and a 1 year high of $214.53.

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, topping analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period last year, the company earned $3.40 earnings per share. Owens Corning's revenue was up 25.4% on a year-over-year basis. Research analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning announced that its board has authorized a share buyback program on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on OC. Wells Fargo & Company lifted their price target on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. Barclays decreased their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Evercore ISI set a $165.00 price objective on shares of 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 note on Tuesday, February 25th. Finally, Benchmark reiterated a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and an average target price of $183.80.

Owens Corning 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.