GAMMA Investing LLC Increases Holdings in Owens Corning (NYSE:OC)

GAMMA Investing LLC grew its position in Owens Corning (NYSE:OC - Free Report) by 12,013.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 244,079 shares of the construction company's stock after buying an additional 242,064 shares during the period. GAMMA Investing LLC owned approximately 0.29% of Owens Corning worth $34,859,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Truist Financial Corp raised its holdings in Owens Corning by 4.0% in the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock worth $2,732,000 after acquiring an additional 624 shares during the last quarter. Allstate Corp bought a new stake in shares of Owens Corning in the 4th quarter worth $425,000. Integrated Quantitative Investments LLC purchased a new position in shares of Owens Corning in the fourth quarter worth $349,000. Principal Financial Group Inc. lifted its holdings in shares of Owens Corning by 88.9% during the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock valued at $66,777,000 after purchasing an additional 184,552 shares in the last quarter. Finally, Empower Advisory Group LLC boosted its position in shares of Owens Corning by 1.0% during the fourth quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company's stock valued at $87,212,000 after buying an additional 5,167 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

NYSE OC traded down $0.25 during trading hours on Friday, hitting $135.27. 583,395 shares of the company's stock traded hands, compared to its average volume of 844,322. Owens Corning has a 52 week low of $123.41 and a 52 week high of $214.53. The firm has a market capitalization of $11.51 billion, a P/E ratio of 11.51, a P/E/G ratio of 1.88 and a beta of 1.34. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The business's fifty day moving average price is $138.49 and its two-hundred day moving average price is $161.64.

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 for the quarter, topping the consensus estimate of $2.82 by $0.15. The business 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 company's revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the company posted $3.40 EPS. Equities research analysts predict that Owens Corning will post 15.49 EPS for the current year.

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

Analysts Set New Price Targets

OC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Loop Capital lowered their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Evercore ISI set a $165.00 target price on shares of Owens Corning in a report on Thursday, May 15th. Finally, Wall Street Zen downgraded shares of Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $183.80.

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.