Focus Partners Wealth Sells 2,645 Shares of Owens Corning (NYSE:OC)

Focus Partners Wealth decreased its stake in Owens Corning (NYSE:OC - Free Report) by 37.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Owens Corning during the 4th quarter worth approximately $208,519,000. Price T Rowe Associates Inc. MD raised its stake 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 acquiring an additional 414,770 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Owens Corning during the fourth quarter worth $51,220,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Owens Corning in the fourth quarter worth $41,252,000. Finally, LGT Group Foundation acquired a new stake in Owens Corning in the fourth quarter valued at $39,054,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

OC has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on Owens Corning in a research report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price objective for the company. Royal Bank of Canada lowered their price target on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. UBS Group reduced their price objective on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. JPMorgan Chase & Co. decreased their price objective 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. Finally, Barclays lowered their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Owens Corning has an average rating of "Moderate Buy" and a consensus price target of $186.64.

Owens Corning Stock Up 0.1%

NYSE:OC traded up $0.14 during trading hours on Thursday, reaching $135.12. The company had a trading volume of 791,071 shares, compared to its average volume of 832,900. Owens Corning has a twelve month low of $123.41 and a twelve month high of $214.53. 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 firm has a market cap of $11.49 billion, a price-to-earnings ratio of 11.50, a P/E/G ratio of 1.88 and a beta of 1.44. The business's 50-day simple moving average is $141.03 and its two-hundred day simple moving average is $165.82.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business's revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.40 EPS. On average, equities analysts expect that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning announced that its Board of Directors has approved a share buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its stock is undervalued.

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.