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

Owens Corning logo with Construction background

Woodline Partners LP raised its stake in shares of Owens Corning (NYSE:OC - Free Report) by 482.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,546 shares of the construction company's stock after buying an additional 60,911 shares during the quarter. Woodline Partners LP owned about 0.09% of Owens Corning worth $12,526,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. iSAM Funds UK Ltd raised its stake in shares of Owens Corning by 36.8% in the fourth quarter. iSAM Funds UK Ltd now owns 6,680 shares of the construction company's stock worth $1,138,000 after purchasing an additional 1,798 shares during the last quarter. Twinbeech Capital LP bought a new stake in shares of Owens Corning in the fourth quarter worth $22,699,000. State of Wyoming grew its holdings in shares of Owens Corning by 107.6% in the fourth quarter. State of Wyoming now owns 2,350 shares of the construction company's stock worth $400,000 after acquiring an additional 1,218 shares during the period. Toronto Dominion Bank grew its holdings in shares of Owens Corning by 6.2% in the fourth quarter. Toronto Dominion Bank now owns 11,702 shares of the construction company's stock worth $1,993,000 after acquiring an additional 679 shares during the period. Finally, Systematic Financial Management LP grew its holdings in shares of Owens Corning by 3.2% in the fourth quarter. Systematic Financial Management LP now owns 217,895 shares of the construction company's stock worth $37,112,000 after acquiring an additional 6,674 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on OC. Loop Capital cut their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company lifted their price objective on Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. UBS Group cut their price objective on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, Evercore ISI set a $165.00 price objective on Owens Corning in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Owens Corning has a consensus rating of "Moderate Buy" and a consensus target price of $183.80.

Read Our Latest Stock Analysis on Owens Corning

Owens Corning Stock Performance

NYSE:OC traded up $2.86 during mid-day trading on Tuesday, hitting $136.66. 232,840 shares of the company traded hands, compared to its average volume of 952,941. The stock's fifty day moving average price is $140.34 and its 200-day moving average price is $164.49. Owens Corning has a one year low of $123.40 and a one 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 firm has a market cap of $11.62 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 1.88 and a beta of 1.44.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business's quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.40 earnings per share. Research analysts anticipate that Owens Corning will post 15.49 earnings per share for the current fiscal year.

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

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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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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