Gould Capital LLC Reduces Position in Owens Corning (NYSE:OC)

Gould Capital LLC decreased its position in Owens Corning (NYSE:OC - Free Report) by 97.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 189 shares of the construction company's stock after selling 6,560 shares during the period. Gould Capital LLC's holdings in Owens Corning were worth $32,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Owens Corning during the 4th quarter worth approximately $208,519,000. Price T Rowe Associates Inc. MD increased its position in Owens Corning by 41.1% in 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 buying an additional 414,770 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in shares of Owens Corning in the fourth quarter valued at $51,400,000. Raymond James Financial Inc. purchased a new position in shares of Owens Corning during the 4th quarter valued at $51,220,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of Owens Corning during the 4th quarter valued at $41,252,000. Institutional investors own 88.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective on the stock. Evercore ISI set a $165.00 price objective on shares of Owens Corning in a report on Thursday, May 15th. Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Royal Bank of Canada cut their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Finally, Loop Capital dropped their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $183.80.

Owens Corning Price Performance

OC traded down $1.36 on Friday, reaching $133.94. The company had a trading volume of 349,047 shares, compared to its average volume of 951,663. Owens Corning has a 52-week low of $123.40 and a 52-week high of $214.53. The company has a market cap of $11.39 billion, a price-to-earnings ratio of 11.40, a P/E/G ratio of 1.88 and a beta of 1.44. 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 business has a 50 day simple moving average of $139.61 and a 200 day simple moving average of $163.69.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data 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 return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same period last year, the firm posted $3.40 EPS. Owens Corning's revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

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