Harmony Asset Management LLC Purchases 12,025 Shares of Owens Corning (NYSE:OC)

Harmony Asset Management LLC boosted its holdings in Owens Corning (NYSE:OC - Free Report) by 392.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,090 shares of the construction company's stock after buying an additional 12,025 shares during the quarter. Owens Corning makes up about 1.0% of Harmony Asset Management LLC's holdings, making the stock its 26th largest position. Harmony Asset Management LLC's holdings in Owens Corning were worth $2,570,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. FPC Investment Advisory Inc. purchased a new position in shares of Owens Corning during the fourth quarter worth approximately $28,000. Venturi Wealth Management LLC grew its position in Owens Corning by 55.8% in the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after buying an additional 63 shares during the last quarter. Global Trust Asset Management LLC purchased a new position in Owens Corning in the 4th quarter valued at $31,000. Wilmington Savings Fund Society FSB grew its position in Owens Corning by 193.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock valued at $32,000 after buying an additional 122 shares during the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in Owens Corning in the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

Shares of NYSE OC traded up $2.97 during trading hours on Tuesday, hitting $136.77. 307,671 shares of the stock were exchanged, compared to its average volume of 833,862. 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 company's 50 day moving average is $140.34 and its 200 day moving average is $164.49. The firm has a market capitalization of $11.63 billion, a P/E ratio of 11.64, a P/E/G ratio of 1.88 and a beta of 1.44. Owens Corning has a one year low of $123.41 and a one year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the company earned $3.40 EPS. Owens Corning's revenue was up 25.4% on a year-over-year basis. On average, research analysts expect that Owens Corning will post 15.49 EPS for the current year.

Owens Corning announced that its Board of Directors has initiated a stock repurchase program on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on OC shares. Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Royal Bank of Canada reduced their price target 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. Barclays reduced their price target on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Wall Street Zen downgraded Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, UBS Group cut their price target on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus 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.