Voloridge Investment Management LLC increased its stake in shares of Owens Corning (NYSE:OC - Free Report) by 21.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,993 shares of the construction company's stock after buying an additional 21,313 shares during the quarter. Voloridge Investment Management LLC owned 0.14% of Owens Corning worth $20,437,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of OC. FPC Investment Advisory Inc. bought a new position in Owens Corning in the 4th quarter valued at $28,000. Venturi Wealth Management LLC grew its stake in Owens Corning by 55.8% in the 4th 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 bought a new position in Owens Corning in the 4th quarter valued at $31,000. Wilmington Savings Fund Society FSB grew its stake in Owens Corning by 193.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock valued at $32,000 after purchasing an additional 122 shares during the period. Finally, Whipplewood Advisors LLC bought a new position in Owens Corning in the 4th quarter valued at $34,000. Institutional investors own 88.40% of the company's stock.
Owens Corning Price Performance
OC traded down $2.99 during trading on Wednesday, reaching $134.76. 232,038 shares of the company were exchanged, compared to its average volume of 834,205. The company's 50-day moving average is $140.15 and its two-hundred day moving average is $164.31. The company has a market cap of $11.46 billion, a price-to-earnings ratio of 11.47, a P/E/G ratio of 1.88 and a beta of 1.44. 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 has a 12-month low of $123.41 and a 12-month high of $214.53.
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, 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 business had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter in the prior year, the firm posted $3.40 EPS. The firm's quarterly revenue was up 25.4% on a year-over-year basis. Research analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.
Owens Corning declared that its board has initiated a stock repurchase program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. Benchmark restated a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Evercore ISI set a $165.00 price target on Owens Corning in a research note on Thursday, May 15th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Loop Capital cut their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Royal Bank of Canada cut their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $183.80.
Read Our Latest Stock 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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