Summit Global Investments Sells 60,083 Shares of Owens Corning (NYSE:OC)

Summit Global Investments trimmed its position in shares of Owens Corning (NYSE:OC - Free Report) by 96.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,454 shares of the construction company's stock after selling 60,083 shares during the quarter. Summit Global Investments' holdings in Owens Corning were worth $351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Truist Financial Corp lifted its holdings in Owens Corning by 4.0% in 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 last quarter. Allstate Corp acquired a new stake in Owens Corning in the 4th quarter worth approximately $425,000. Integrated Quantitative Investments LLC acquired a new stake in Owens Corning in the 4th quarter worth approximately $349,000. Principal Financial Group Inc. lifted its holdings in Owens Corning by 88.9% in the 4th quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock worth $66,777,000 after purchasing an additional 184,552 shares during the last quarter. Finally, Empower Advisory Group LLC lifted its holdings in Owens Corning by 1.0% in the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company's stock worth $87,212,000 after purchasing an additional 5,167 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OC. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 target price for the company. Wall Street Zen lowered Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Wells Fargo & Company boosted their target price on Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Finally, Barclays reduced their price objective on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $183.80.

Owens Corning Stock Performance

Shares of OC traded up $1.26 on Wednesday, reaching $137.06. 491,930 shares of the stock traded hands, compared to its average volume of 840,687. The firm has a market cap of $11.66 billion, a price-to-earnings ratio of 11.66, a P/E/G ratio of 1.88 and a beta of 1.34. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a 12 month low of $123.41 and a 12 month high of $214.53. The stock's 50-day moving average price is $138.76 and its 200-day moving average price is $162.23.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data 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 business had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning's quarterly revenue was up 25.4% on a year-over-year basis. During the same period in the previous year, the business posted $3.40 earnings per share. Equities analysts forecast that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning announced that its board has initiated a share repurchase plan on Wednesday, May 14th that permits the company to buyback 12,000,000 outstanding shares. This buyback authorization permits the construction company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

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.