Owens Corning (NYSE:OC) Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC lessened its stake in Owens Corning (NYSE:OC - Free Report) by 68.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,439 shares of the construction company's stock after selling 13,786 shares during the quarter. Squarepoint Ops LLC's holdings in Owens Corning were worth $1,097,000 at the end of the most recent reporting period.

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

Owens Corning Price Performance

Shares of OC stock traded up $0.89 during trading hours on Wednesday, hitting $136.69. The stock had a trading volume of 807,962 shares, compared to its average volume of 842,117. The stock's 50-day moving average price is $138.64 and its two-hundred day moving average price is $162.06. 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 stock has a market capitalization of $11.63 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.88 and a beta of 1.34. 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 announced its earnings results 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 business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company's revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.40 earnings per share. Equities analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning announced 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 purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on OC shares. Wall Street Zen lowered Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Loop Capital dropped their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Royal Bank of Canada decreased their price objective on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company increased their target price on Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. Finally, Barclays lowered their target price on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. 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, Owens Corning has a consensus rating of "Moderate Buy" and a consensus price target of $183.80.

Owens Corning Company 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.