Owens Corning Inc (NYSE:OC) Stake Reduced by Mn Services Vermogensbeheer B.V.

Mn Services Vermogensbeheer B.V. decreased its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,290 shares of the construction company's stock after selling 3,400 shares during the quarter. Mn Services Vermogensbeheer B.V.'s holdings in Owens Corning were worth $4,612,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of OC. Van ECK Associates Corp grew its stake in shares of Owens Corning by 1.2% in the fourth quarter. Van ECK Associates Corp now owns 39,805 shares of the construction company's stock worth $6,780,000 after purchasing an additional 487 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in shares of Owens Corning by 17.8% in the fourth quarter. Vontobel Holding Ltd. now owns 8,852 shares of the construction company's stock valued at $1,508,000 after buying an additional 1,338 shares during the period. Bank Pictet & Cie Europe AG acquired a new stake in shares of Owens Corning in the fourth quarter valued at $28,651,000. Principal Securities Inc. lifted its holdings in shares of Owens Corning by 11.4% in the fourth quarter. Principal Securities Inc. now owns 3,351 shares of the construction company's stock valued at $571,000 after buying an additional 344 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Owens Corning by 88.9% in the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock valued at $66,777,000 after buying an additional 184,552 shares during the period. Institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OC. Barclays cut their price objective on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company upped their price objective on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. cut their price objective on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Evercore ISI set a $165.00 price objective on Owens Corning in a report on Thursday, May 15th. Finally, UBS Group reduced their target price on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and an average price target of $183.80.

Owens Corning Stock Down 2.8%

NYSE:OC opened at $132.64 on Wednesday. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of 46.70, a PEG ratio of 3.60 and a beta of 1.34. Owens Corning Inc has a 1-year low of $123.41 and a 1-year high of $214.53. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The business's fifty day moving average price is $138.62 and its 200 day moving average price is $157.69.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. The firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. Owens Corning's quarterly revenue was up 25.4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.40 earnings per share. On average, sell-side analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its board has authorized a stock repurchase plan on Wednesday, May 14th that allows the company to buyback 12,000,000 outstanding shares. This buyback authorization allows the construction company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

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.

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