Owens Corning (NYSE:OC) Stake Lifted by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. increased its position in shares of Owens Corning (NYSE:OC - Free Report) by 76.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,500 shares of the construction company's stock after purchasing an additional 8,900 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Owens Corning were worth $3,492,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. FPC Investment Advisory Inc. acquired a new stake in Owens Corning in the 4th quarter valued at about $28,000. Venturi Wealth Management LLC grew its holdings in Owens Corning by 55.8% during the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after buying an additional 63 shares during the last quarter. Wilmington Savings Fund Society FSB raised its stake in Owens Corning by 193.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock valued at $32,000 after purchasing an additional 122 shares during the last quarter. Whipplewood Advisors LLC acquired a new stake in Owens Corning during the fourth quarter worth approximately $34,000. Finally, IFP Advisors Inc lifted its position in Owens Corning by 35.6% during the fourth quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock worth $40,000 after buying an additional 62 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OC has been the topic of several research reports. 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. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 price target for the company. UBS Group cut their price objective on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Barclays decreased their price objective on shares of Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Finally, Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $183.80.

Owens Corning Stock Down 1.0%

Owens Corning stock traded down $1.40 during midday trading on Friday, hitting $133.90. The stock had a trading volume of 1,470,128 shares, compared to its average volume of 840,851. The business has a fifty day moving average price of $139.61 and a 200 day moving average price of $163.69. Owens Corning has a 12 month low of $123.41 and a 12 month high of $214.53. The stock has a market cap of $11.39 billion, a P/E ratio of 11.40, a P/E/G ratio of 1.88 and a beta of 1.44. 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 posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same period in the prior year, the company posted $3.40 EPS. The business's revenue was up 25.4% compared to the same quarter last year. Research analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning declared that its Board of Directors has approved a share buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership 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.