Silvercrest Asset Management Group LLC Acquires Shares of 72,300 Owens Corning (NYSE:OC)

Silvercrest Asset Management Group LLC purchased a new position in shares of Owens Corning (NYSE:OC - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 72,300 shares of the construction company's stock, valued at approximately $12,314,000. Silvercrest Asset Management Group LLC owned about 0.08% of Owens Corning at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Stratos Wealth Partners LTD. increased its position in Owens Corning by 4.3% in the 4th quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company's stock valued at $221,000 after acquiring an additional 53 shares during the period. Greenleaf Trust grew its position in shares of Owens Corning by 1.5% in the 4th quarter. Greenleaf Trust now owns 3,895 shares of the construction company's stock valued at $663,000 after buying an additional 56 shares during the last quarter. CoreCap Advisors LLC raised its holdings in Owens Corning by 3.3% during the 4th quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock worth $305,000 after purchasing an additional 57 shares during the last quarter. Retirement Guys Formula LLC lifted its holdings in Owens Corning by 3.1% in the fourth quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company's stock valued at $341,000 after buying an additional 60 shares during the period. Finally, IFP Advisors Inc lifted its stake in shares of Owens Corning by 35.6% in the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock valued at $40,000 after purchasing an additional 62 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analyst Weigh In

OC has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price target on the stock. Barclays lowered 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 note on Thursday, May 8th. Evercore ISI set a $165.00 target price on shares of Owens Corning in a research note on Thursday, May 15th. JPMorgan Chase & Co. reduced their price target on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Finally, Loop Capital decreased 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. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus target price of $183.80.

Owens Corning Stock Down 1.2%

OC stock traded down $1.60 during midday trading on Friday, reaching $133.54. 199,950 shares of the company's stock traded hands, compared to its average volume of 955,898. 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 $140.83 and its 200-day moving average price is $165.52. Owens Corning has a 52 week low of $123.40 and a 52 week high of $214.53. The company has a market cap of $11.36 billion, a price-to-earnings ratio of 11.36, a P/E/G ratio of 1.88 and a beta of 1.44.

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

Owens Corning announced that its Board of Directors has approved a share repurchase program 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. Shares buyback programs are often a sign that the company's board 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.