Owens Corning (NYSE:OC) Shares Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC boosted its holdings in Owens Corning (NYSE:OC - Free Report) by 32.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 72,848 shares of the construction company's stock after acquiring an additional 17,660 shares during the period. Wedge Capital Management L L P NC owned 0.09% of Owens Corning worth $10,404,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Evercore ISI set a $165.00 price target on shares of Owens Corning in a research note on Thursday, May 15th. Benchmark restated a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Loop Capital dropped their price target on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $183.80.

Owens Corning Stock Performance

OC traded up $2.70 on Tuesday, reaching $139.82. The company had a trading volume of 1,272,795 shares, compared to its average volume of 851,479. Owens Corning has a 1 year low of $123.41 and a 1 year high of $214.53. The stock has a market capitalization of $11.89 billion, a PE ratio of 11.90, a P/E/G ratio of 1.88 and a beta of 1.34. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The stock has a 50-day moving average price of $138.11 and a 200-day moving average price of $160.30.

Owens Corning (NYSE:OC - Get Free Report) last announced 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. The firm had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.52 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning's quarterly revenue was up 25.4% compared to the same quarter last year. During the same period in the previous year, the company earned $3.40 earnings per share. As a group, research analysts forecast that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

About Owens Corning

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.