Wedge Capital Management L L P NC Grows Holdings in Owens Corning (NYSE:OC)

Wedge Capital Management L L P NC raised its position in Owens Corning (NYSE:OC - Free Report) by 32.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,848 shares of the construction company's stock after purchasing an additional 17,660 shares during the period. Wedge Capital Management L L P NC owned about 0.09% of Owens Corning worth $10,404,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in Owens Corning by 41.1% in the fourth 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 during the last quarter. Norges Bank acquired a new stake in Owens Corning in the 4th quarter worth about $208,519,000. Northern Trust Corp grew its holdings in Owens Corning by 27.4% in the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock valued at $164,335,000 after buying an additional 207,677 shares during the period. First Trust Advisors LP increased its stake in shares of Owens Corning by 20.7% during the 4th quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock valued at $126,849,000 after acquiring an additional 127,785 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Owens Corning by 1.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 739,669 shares of the construction company's stock valued at $125,980,000 after acquiring an additional 12,394 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of recent analyst reports. Loop Capital lowered their target price on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. JPMorgan Chase & Co. lowered their price objective on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Benchmark restated a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Wall Street Zen lowered Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, Royal Bank of Canada lowered their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and an average price target of $183.80.

Owens Corning Stock Up 0.8%

NYSE:OC traded up $1.09 during trading hours on Thursday, hitting $138.81. The stock had a trading volume of 685,767 shares, compared to its average volume of 852,309. The company has a market cap of $11.81 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.88 and a beta of 1.34. The business has a 50 day simple moving average of $138.24 and a two-hundred day simple moving average of $160.00. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53. 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 (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the business earned $3.40 EPS. The business's revenue was up 25.4% on a year-over-year basis. Analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning declared that its board has approved a stock buyback program on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board 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.