Royal Bank of Canada Purchases 85,725 Shares of Owens Corning (NYSE:OC)

Royal Bank of Canada boosted its position in shares of Owens Corning (NYSE:OC - Free Report) by 66.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 214,755 shares of the construction company's stock after purchasing an additional 85,725 shares during the period. Royal Bank of Canada owned 0.25% of Owens Corning worth $36,577,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FPC Investment Advisory Inc. purchased a new position in shares of Owens Corning during the fourth quarter valued at $28,000. Venturi Wealth Management LLC grew its stake in Owens Corning by 55.8% during the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after acquiring an additional 63 shares in the last quarter. Global Trust Asset Management LLC acquired a new position in shares of Owens Corning in the 4th quarter valued at about $31,000. Wilmington Savings Fund Society FSB lifted its position in shares of Owens Corning by 193.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock worth $32,000 after purchasing an additional 122 shares in the last quarter. Finally, Whipplewood Advisors LLC acquired a new stake in shares of Owens Corning during the fourth quarter worth approximately $34,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 target price for the company. Wall Street Zen cut Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Evercore ISI set a $165.00 price target on Owens Corning in a research note on Thursday, May 15th. Royal Bank of Canada reduced their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Finally, UBS Group dropped their target price on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $183.80.

Owens Corning Stock Down 1.7%

Shares of NYSE OC traded down $2.37 during trading hours on Wednesday, hitting $135.38. The company had a trading volume of 127,793 shares, compared to its average volume of 833,794. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The firm's 50 day moving average is $140.15 and its 200-day moving average is $164.31. The stock has a market capitalization of $11.51 billion, a P/E ratio of 11.53, a price-to-earnings-growth ratio of 1.88 and a beta of 1.44.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. The company 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%. Owens Corning's quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.40 EPS. On average, analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

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