Rafferty Asset Management LLC Boosts Position in Owens Corning (NYSE:OC)

Rafferty Asset Management LLC increased its stake in shares of Owens Corning (NYSE:OC - Free Report) by 23.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,872 shares of the construction company's stock after acquiring an additional 5,182 shares during the quarter. Rafferty Asset Management LLC's holdings in Owens Corning were worth $4,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. FPC Investment Advisory Inc. bought a new position in Owens Corning during the 4th quarter worth approximately $28,000. Venturi Wealth Management LLC grew its position in shares of Owens Corning by 55.8% in the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock worth $30,000 after buying an additional 63 shares during the last quarter. Global Trust Asset Management LLC bought a new stake in shares of Owens Corning in the 4th quarter worth approximately $31,000. Wilmington Savings Fund Society FSB grew its position in shares of Owens Corning by 193.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock worth $32,000 after buying an additional 122 shares during the last quarter. Finally, Whipplewood Advisors LLC bought a new stake in shares of Owens Corning in the 4th quarter worth approximately $34,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Down 0.9%

Shares of NYSE OC traded down $1.23 during trading on Friday, reaching $133.92. The company had a trading volume of 654,415 shares, compared to its average volume of 835,895. 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 PE ratio of 11.40, a P/E/G ratio of 1.88 and a beta of 1.44. The business's 50-day moving average is $140.61 and its 200 day moving average is $165.04. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping 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 analysts' expectations of $2.52 billion. During the same period in the prior year, the firm posted $3.40 earnings per share. The company's quarterly revenue was up 25.4% on a year-over-year basis. As a group, equities analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

OC has been the topic of a number of recent analyst reports. UBS Group cut their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Loop Capital cut their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 target price for the company. Benchmark restated a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Finally, JPMorgan Chase & Co. lowered their target price on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $183.80.

Owens Corning 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.