Owens Corning Inc (NYSE:OC) Shares Bought by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its stake in Owens Corning Inc (NYSE:OC - Free Report) by 485.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 89,896 shares of the construction company's stock after acquiring an additional 74,543 shares during the period. Assenagon Asset Management S.A. owned approximately 0.11% of Owens Corning worth $12,839,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in OC. FPC Investment Advisory Inc. bought a new position in Owens Corning during the 4th quarter valued at about $28,000. Venturi Wealth Management LLC boosted its stake in shares of Owens Corning by 55.8% during the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after purchasing an additional 63 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in Owens Corning by 193.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock valued at $32,000 after acquiring an additional 122 shares in the last quarter. Whipplewood Advisors LLC purchased a new position in Owens Corning in the fourth quarter valued at about $34,000. Finally, IFP Advisors Inc lifted its position in Owens Corning by 35.6% during the fourth quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock valued at $40,000 after acquiring an additional 62 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Owens Corning Trading Down 2.8%

Shares of Owens Corning stock traded down $3.84 during trading hours on Tuesday, hitting $132.64. The company's stock had a trading volume of 1,003,569 shares, compared to its average volume of 858,998. The stock has a market cap of $11.28 billion, a price-to-earnings ratio of 46.70, a P/E/G ratio of 3.60 and a beta of 1.34. Owens Corning Inc has a twelve month low of $123.41 and a twelve month high of $214.53. The firm has a fifty day moving average of $138.62 and a 200-day moving average of $157.69. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) 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 the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The company's quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.40 EPS. Research analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning declared that its board has approved a stock buyback program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on OC shares. JPMorgan Chase & Co. dropped their price target on Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Wall Street Zen lowered shares of Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Benchmark restated a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Finally, Loop Capital reduced their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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.