Owens Corning (NYSE:OC) Shares Sold by Vest Financial LLC

Vest Financial LLC lowered its stake in Owens Corning (NYSE:OC - Free Report) by 71.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 4,165 shares of the construction company's stock after selling 10,190 shares during the quarter. Vest Financial LLC's holdings in Owens Corning were worth $595,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Owens Corning in the 4th quarter valued at $208,519,000. Price T Rowe Associates Inc. MD lifted its holdings in Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after purchasing an additional 414,770 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in Owens Corning in the 4th quarter valued at $51,400,000. Raymond James Financial Inc. purchased a new position in Owens Corning in the 4th quarter valued at $51,220,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Owens Corning in the 4th quarter valued at $41,252,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Down 0.1%

Shares of NYSE:OC opened at $135.32 on Monday. The business has a 50-day moving average price of $138.32 and a 200 day moving average price of $160.75. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $11.51 billion, a price-to-earnings ratio of 11.52, a PEG ratio of 1.88 and a beta of 1.34. Owens Corning has a 12-month low of $123.41 and a 12-month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.82 by $0.15. The firm 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%. The company's quarterly revenue was up 25.4% on a year-over-year basis. During the same period last year, the company earned $3.40 EPS. Sell-side analysts expect that Owens Corning will post 15.49 EPS for the current year.

Owens Corning announced that its Board of Directors has initiated a share repurchase program on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on OC. Benchmark restated a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Wells Fargo & Company raised their price objective on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. UBS Group decreased their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Loop Capital reduced their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Barclays reduced their price target on Owens Corning from $179.00 to $167.00 and set an "overweight" 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's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price 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.

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