Public Employees Retirement System of Ohio Has $7 Million Holdings in Owens Corning (NYSE:OC)

Public Employees Retirement System of Ohio cut its stake in Owens Corning (NYSE:OC - Free Report) by 14.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,088 shares of the construction company's stock after selling 7,169 shares during the period. Public Employees Retirement System of Ohio's holdings in Owens Corning were worth $6,998,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Truist Financial Corp increased its holdings in 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 purchasing an additional 624 shares in the last quarter. Allstate Corp acquired a new stake in shares of Owens Corning in the fourth quarter valued at $425,000. Integrated Quantitative Investments LLC acquired a new stake in shares of Owens Corning in the fourth quarter valued at $349,000. Principal Financial Group Inc. increased its position in Owens Corning by 88.9% in the 4th quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock valued at $66,777,000 after acquiring an additional 184,552 shares in the last quarter. Finally, Empower Advisory Group LLC increased its position in Owens Corning by 1.0% in the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company's stock valued at $87,212,000 after acquiring an additional 5,167 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Down 1.0%

Shares of OC traded down $1.40 on Friday, hitting $133.90. The company's stock had a trading volume of 1,470,128 shares, compared to its average volume of 840,851. The firm has a market capitalization of $11.39 billion, a price-to-earnings ratio of 11.40, a P/E/G ratio of 1.88 and a beta of 1.44. Owens Corning has a fifty-two week low of $123.41 and a fifty-two week high of $214.53. 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 firm's fifty day moving average price is $139.61 and its 200-day moving average price is $163.69.

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, 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 business's revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.40 EPS. On average, equities research analysts expect that Owens Corning will post 15.49 EPS for the current year.

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

Wall Street Analysts Forecast Growth

OC has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Owens Corning in a report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price target for the company. UBS Group lowered their target price on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Loop Capital lowered their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Barclays lowered their target price on Owens Corning from $179.00 to $167.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Finally, Wall Street Zen cut shares of Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $183.80.

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.