Woodline Partners LP Buys 60,911 Shares of Owens Corning (NYSE:OC)

Woodline Partners LP grew its stake in Owens Corning (NYSE:OC - Free Report) by 482.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,546 shares of the construction company's stock after purchasing an additional 60,911 shares during the period. Woodline Partners LP owned approximately 0.09% of Owens Corning worth $12,526,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of OC. Price T Rowe Associates Inc. MD boosted its holdings in shares of Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after acquiring an additional 414,770 shares in the last quarter. Norges Bank acquired a new position in shares of Owens Corning in the 4th quarter worth approximately $208,519,000. Northern Trust Corp boosted its holdings in shares of Owens Corning by 27.4% in the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock worth $164,335,000 after acquiring an additional 207,677 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Owens Corning by 20.7% in the 4th quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock worth $126,849,000 after acquiring an additional 127,785 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Owens Corning by 2.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 640,506 shares of the construction company's stock worth $109,091,000 after acquiring an additional 16,958 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

OC stock opened at $135.11 on Thursday. The business's fifty day moving average is $141.03 and its 200-day moving average is $165.82. 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 company has a market cap of $11.49 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 1.88 and a beta of 1.44. Owens Corning has a twelve month low of $123.41 and a twelve month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 25.82% and a net margin of 9.92%. The firm's quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.40 EPS. Equities research analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning declared that its board has authorized a share buyback plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

OC has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Owens Corning in a report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 target price on the stock. Loop Capital reduced their target price on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. JPMorgan Chase & Co. reduced their price objective on Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Finally, Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $186.64.

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.

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