PharVision Advisers LLC Takes Position in Owens Corning (NYSE:OC)

PharVision Advisers LLC acquired a new position in Owens Corning (NYSE:OC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,890 shares of the construction company's stock, valued at approximately $322,000.

Other hedge funds have also recently bought and sold shares of the company. Truist Financial Corp boosted its stake in shares of Owens Corning by 4.0% during the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock valued at $2,732,000 after buying an additional 624 shares during the period. Allstate Corp acquired a new stake in Owens Corning during the fourth quarter valued at $425,000. Integrated Quantitative Investments LLC acquired a new position in Owens Corning in the 4th quarter worth about $349,000. Principal Financial Group Inc. raised its stake in shares of Owens Corning by 88.9% during 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 in the last quarter. Finally, Empower Advisory Group LLC lifted its holdings in shares of Owens Corning by 1.0% during the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company's stock valued at $87,212,000 after buying an additional 5,167 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of Owens Corning stock traded up $2.80 during trading on Tuesday, reaching $136.60. The company's stock had a trading volume of 265,615 shares, compared to its average volume of 833,705. Owens Corning has a one year low of $123.41 and a one year high of $214.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The firm has a market cap of $11.62 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 1.88 and a beta of 1.44. The business's fifty day moving average price is $140.34 and its 200-day moving average price is $164.49.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results 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. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter last year, the firm posted $3.40 EPS. The company's revenue was up 25.4% on a year-over-year basis. As a group, equities research analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning declared that its board has approved a stock buyback plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on OC shares. Barclays dropped their price objective on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Royal Bank of Canada cut their price target on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Loop Capital decreased their price objective 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. Wells Fargo & Company raised their target price on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Finally, UBS Group reduced their price target on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average 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.