Summit Global Investments Decreases Stake in Owens Corning (NYSE:OC)

Summit Global Investments reduced its position in shares of Owens Corning (NYSE:OC - Free Report) by 96.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 SEC filing.

Several other hedge funds have also modified their holdings of OC. FPC Investment Advisory Inc. acquired a new stake in shares of Owens Corning during the 4th quarter worth approximately $28,000. Venturi Wealth Management LLC lifted its position in shares of Owens Corning by 55.8% during the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock worth $30,000 after purchasing an additional 63 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its position in shares of Owens Corning by 193.7% during the 4th 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 during the last quarter. Whipplewood Advisors LLC purchased a new stake in Owens Corning in the fourth quarter valued at $34,000. Finally, IFP Advisors Inc increased its stake in Owens Corning by 35.6% in the fourth quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock valued at $40,000 after purchasing an additional 62 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

OC stock traded down $1.13 during midday trading on Thursday, reaching $135.40. 1,404,680 shares of the company were exchanged, compared to its average volume of 845,260. 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 business has a 50-day moving average price of $138.49 and a two-hundred day moving average price of $161.64. Owens Corning has a one year low of $123.41 and a one year high of $214.53. The firm has a market capitalization of $11.52 billion, a price-to-earnings 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 posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning'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 firm earned $3.40 earnings per share. Equities research analysts forecast that Owens Corning will post 15.49 EPS for the current year.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. UBS Group lowered their target price on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Benchmark reissued a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Wells Fargo & Company increased their price target on shares of Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Royal Bank of Canada dropped their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective for the company. 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, the stock presently has an average rating of "Moderate Buy" and an average 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.