Graham Capital Management L.P. Invests $1.55 Million in Owens Corning (NYSE:OC)

Graham Capital Management L.P. acquired a new position in shares of Owens Corning (NYSE:OC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 9,100 shares of the construction company's stock, valued at approximately $1,550,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. FPC Investment Advisory Inc. purchased a new stake in Owens Corning in the fourth quarter valued at $28,000. Venturi Wealth Management LLC raised its position in Owens Corning by 55.8% in 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 fourth quarter valued at $31,000. Wilmington Savings Fund Society FSB raised its position in Owens Corning by 193.7% in the fourth 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 purchased a new stake in Owens Corning in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Royal Bank of Canada reduced their target price on Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a report on Friday, May 9th. Loop Capital cut their price objective on Owens Corning from $203.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Wells Fargo & Company boosted their price objective on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Benchmark reiterated a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and an average target price of $189.45.

Owens Corning Stock Up 1.7%

OC traded up $2.49 on Friday, hitting $145.01. 1,026,751 shares of the company were exchanged, compared to its average volume of 830,762. Owens Corning has a twelve month low of $123.41 and a twelve month high of $214.53. The company has a market cap of $12.33 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth 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 firm has a 50-day moving average price of $141.15 and a two-hundred day moving average price of $166.47.

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

Owens Corning declared that its board has approved a stock buyback program on Wednesday, May 14th that authorizes the company to buyback 12,000,000 shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

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.