Two Sigma Advisers LP Sells 19,200 Shares of Owens Corning (NYSE:OC)

Two Sigma Advisers LP reduced its stake in Owens Corning (NYSE:OC - Free Report) by 42.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,800 shares of the construction company's stock after selling 19,200 shares during the period. Two Sigma Advisers LP's holdings in Owens Corning were worth $4,394,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Stratos Wealth Partners LTD. grew its position in Owens Corning by 4.3% in the fourth 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 increased its stake 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 period. CoreCap Advisors LLC raised its position in shares of Owens Corning by 3.3% during the fourth quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company's stock worth $305,000 after acquiring an additional 57 shares during the last quarter. Retirement Guys Formula LLC boosted 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 acquiring an additional 60 shares during the last quarter. Finally, IFP Advisors Inc increased its position in Owens Corning by 35.6% in the fourth quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock worth $40,000 after purchasing an additional 62 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Down 3.0%

Shares of Owens Corning stock traded down $4.17 on Wednesday, reaching $133.58. 887,117 shares of the company were exchanged, compared to its average volume of 836,739. Owens Corning has a one year low of $123.41 and a one year high of $214.53. The company has a market capitalization of $11.36 billion, a price-to-earnings ratio of 11.37, a PEG 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. The company has a 50-day moving average of $140.15 and a 200 day moving average of $164.31.

Owens Corning (NYSE:OC - Get Free Report) last issued its 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. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the previous year, the company earned $3.40 earnings per share. The firm's revenue for the quarter was up 25.4% on a year-over-year basis. On average, equities research analysts forecast that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have commented on OC shares. Loop Capital dropped their target price on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research report 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. Wells Fargo & Company lifted their price target on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, May 15th. Royal Bank of Canada reduced their price objective on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their price objective on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and an average target price of $183.80.

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.