Rhumbline Advisers Cuts Position in Owens Corning (NYSE:OC)

Rhumbline Advisers lessened its stake in shares of Owens Corning (NYSE:OC - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 246,142 shares of the construction company's stock after selling 1,910 shares during the period. Rhumbline Advisers owned 0.29% of Owens Corning worth $35,154,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Truist Financial Corp grew its position in shares of Owens Corning by 4.0% during the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock worth $2,732,000 after buying an additional 624 shares in the last quarter. Allstate Corp purchased a new stake in shares of Owens Corning in the fourth quarter valued at about $425,000. Integrated Quantitative Investments LLC acquired a new position in Owens Corning in the 4th quarter valued at $349,000. Principal Financial Group Inc. raised its stake in shares of Owens Corning by 88.9% during the 4th quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock worth $66,777,000 after buying an additional 184,552 shares in the last quarter. Finally, Empower Advisory Group LLC lifted its holdings in shares of Owens Corning by 1.0% in the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company's stock valued at $87,212,000 after buying an additional 5,167 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OC. Loop Capital cut their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Barclays cut their price target on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Finally, Wall Street Zen downgraded shares of Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and an average target price of $183.80.

Owens Corning Price Performance

Shares of NYSE OC traded down $0.20 during trading on Friday, reaching $135.32. The company had a trading volume of 1,243,848 shares, compared to its average volume of 846,847. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a twelve month low of $123.41 and a twelve month high of $214.53. The stock has a 50-day moving average price of $138.49 and a two-hundred day moving average price of $161.64. The stock has a market capitalization of $11.51 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 1.88 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS 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 business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the previous year, the business earned $3.40 earnings per share. The business's revenue for the quarter was up 25.4% on a year-over-year basis. As a group, sell-side analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning declared that its Board of Directors has authorized a share 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 buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership 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.