Focus Partners Wealth Has $766,000 Position in Owens Corning (NYSE:OC)

Focus Partners Wealth trimmed its holdings in shares of Owens Corning (NYSE:OC - Free Report) by 37.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,452 shares of the construction company's stock after selling 2,645 shares during the period. Focus Partners Wealth's holdings in Owens Corning were worth $766,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in OC. Barclays PLC boosted its holdings in Owens Corning by 23.3% during the third quarter. Barclays PLC now owns 125,756 shares of the construction company's stock worth $22,197,000 after buying an additional 23,787 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in Owens Corning by 31.6% during the fourth quarter. Park Avenue Securities LLC now owns 5,964 shares of the construction company's stock worth $1,016,000 after buying an additional 1,431 shares in the last quarter. Avanza Fonder AB purchased a new stake in shares of Owens Corning in the 4th quarter valued at approximately $1,584,000. Wealthcare Advisory Partners LLC purchased a new stake in shares of Owens Corning in the 4th quarter valued at approximately $226,000. Finally, Merit Financial Group LLC purchased a new stake in shares of Owens Corning in the 4th quarter valued at approximately $573,000. 88.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OC has been the subject of several research analyst reports. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. JPMorgan Chase & Co. reduced their price target on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price target for the company. Royal Bank of Canada cut their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Finally, Evercore ISI set a $165.00 target price on shares of Owens Corning in a research report on Thursday, May 15th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $183.80.

Owens Corning Stock Performance

NYSE:OC traded down $1.23 during midday trading on Friday, reaching $133.92. The stock had a trading volume of 654,415 shares, compared to its average volume of 835,895. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53. The firm's fifty day simple moving average is $140.61 and its 200-day simple moving average is $165.04. 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 stock has a market capitalization of $11.39 billion, a P/E ratio of 11.40, a PEG ratio of 1.88 and a beta of 1.44.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) 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 business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the business posted $3.40 EPS. Owens Corning's revenue was up 25.4% compared to the same quarter last year. On average, equities research analysts forecast that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning declared that its board has initiated a stock repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is 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.