Voloridge Investment Management LLC raised its holdings in shares of Owens Corning (NYSE:OC - Free Report) by 21.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 119,993 shares of the construction company's stock after purchasing an additional 21,313 shares during the period. Voloridge Investment Management LLC owned 0.14% of Owens Corning worth $20,437,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in OC. FPC Investment Advisory Inc. bought a new stake in shares of Owens Corning during the fourth quarter valued at approximately $28,000. Venturi Wealth Management LLC grew its holdings in Owens Corning by 55.8% during the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after purchasing an additional 63 shares during the period. Global Trust Asset Management LLC purchased a new stake in Owens Corning in the 4th quarter worth approximately $31,000. Wilmington Savings Fund Society FSB increased its stake in shares of Owens Corning by 193.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock worth $32,000 after purchasing an additional 122 shares in the last quarter. Finally, Whipplewood Advisors LLC bought a new stake in Owens Corning during the fourth quarter valued at about $34,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.
Owens Corning Trading Up 2.7%
OC stock traded up $3.63 during midday trading on Tuesday, reaching $137.43. The company's stock had a trading volume of 639,869 shares, compared to its average volume of 956,951. The firm has a market capitalization of $11.69 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.88 and a beta of 1.44. Owens Corning has a 1 year low of $123.40 and a 1 year high of $214.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The stock has a fifty day simple moving average of $140.34 and a two-hundred day simple moving average of $164.49.
Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.82 by $0.15. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm's revenue was up 25.4% compared to the same quarter last year. During the same quarter last year, the firm posted $3.40 EPS. On average, equities research analysts predict that Owens Corning will post 15.49 EPS for the current year.
Owens Corning declared that its Board of Directors has approved a stock repurchase plan on Wednesday, May 14th that permits the company to buyback 12,000,000 outstanding shares. This buyback authorization permits the construction company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.
Analyst Ratings Changes
OC has been the topic of several recent analyst reports. Royal Bank of Canada reduced their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Evercore ISI set a $165.00 price objective on Owens Corning in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective for the company. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company increased their price target on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, May 15th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $183.80.
Read Our Latest Research Report on Owens Corning
About Owens Corning
(
Free Report)
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.
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