Owens Corning (NYSE:OC) Shares Sold by Two Sigma Advisers LP

Two Sigma Advisers LP decreased its position in shares of Owens Corning (NYSE:OC - Free Report) by 42.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,800 shares of the construction company's stock after selling 19,200 shares during the quarter. Two Sigma Advisers LP's holdings in Owens Corning were worth $4,394,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. State of Wyoming boosted its position in Owens Corning by 107.6% during the fourth quarter. State of Wyoming now owns 2,350 shares of the construction company's stock worth $400,000 after purchasing an additional 1,218 shares in the last quarter. Toronto Dominion Bank boosted its position in shares of Owens Corning by 6.2% in the 4th quarter. Toronto Dominion Bank now owns 11,702 shares of the construction company's stock worth $1,993,000 after buying an additional 679 shares in the last quarter. Systematic Financial Management LP boosted its position in shares of Owens Corning by 3.2% in the 4th quarter. Systematic Financial Management LP now owns 217,895 shares of the construction company's stock worth $37,112,000 after buying an additional 6,674 shares in the last quarter. Scientech Research LLC purchased a new position in Owens Corning during the 4th quarter valued at about $1,173,000. Finally, Silvercrest Asset Management Group LLC acquired a new position in Owens Corning during the fourth quarter worth about $12,314,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OC. Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Barclays lowered their target price on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Wells Fargo & Company boosted their price target on Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Loop Capital decreased their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Benchmark reissued a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $183.80.

Owens Corning Trading Down 0.7%

Shares of OC traded down $0.94 during mid-day trading on Friday, hitting $134.36. The company had a trading volume of 182,782 shares, compared to its average volume of 835,837. Owens Corning has a 1-year low of $123.41 and a 1-year 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 business's 50-day simple moving average is $139.61 and its 200-day simple moving average is $163.69. The stock has a market cap of $11.43 billion, a PE ratio of 11.47, a P/E/G ratio of 1.88 and a beta of 1.44.

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

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

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.