Owens Corning (NYSE:OC) Shares Sold by Man Group plc

Man Group plc lessened its stake in Owens Corning (NYSE:OC - Free Report) by 32.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 452,823 shares of the construction company's stock after selling 221,973 shares during the quarter. Man Group plc owned approximately 0.53% of Owens Corning worth $77,125,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Truist Financial Corp increased its holdings in Owens Corning by 4.0% in the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company's stock worth $2,732,000 after acquiring an additional 624 shares in the last quarter. Allstate Corp purchased a new stake in Owens Corning in the 4th quarter worth $425,000. Integrated Quantitative Investments LLC purchased a new stake in Owens Corning in the 4th quarter worth $349,000. Principal Financial Group Inc. increased its holdings in Owens Corning by 88.9% in the 4th quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company's stock worth $66,777,000 after acquiring an additional 184,552 shares in the last quarter. Finally, Empower Advisory Group LLC grew its holdings in shares of Owens Corning by 1.0% during the fourth quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company's stock worth $87,212,000 after buying an additional 5,167 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on OC shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a report on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price for the company. Royal Bank of Canada dropped their target price on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. JPMorgan Chase & Co. dropped their target price on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Wells Fargo & Company upped their target price on shares of Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, StockNews.com lowered shares of Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $189.45.

Owens Corning Trading Up 1.7%

NYSE OC traded up $2.49 during trading hours on Friday, reaching $145.01. The company had a trading volume of 1,026,751 shares, compared to its average volume of 829,882. The stock has a 50-day moving average of $141.15 and a 200 day moving average of $166.65. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53. 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 stock has a market capitalization of $12.33 billion, a P/E ratio of 12.34, a price-to-earnings-growth ratio of 1.88 and a beta of 1.44.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company 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 company posted $3.40 earnings per share. Owens Corning's revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, 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 approved 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 typically a sign that the company's board of directors believes its stock is undervalued.

About Owens Corning

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.