Nuveen Asset Management LLC Trims Stock Holdings in Owens Corning (NYSE:OC)

Nuveen Asset Management LLC lessened its holdings in Owens Corning (NYSE:OC - Free Report) by 13.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 647,728 shares of the construction company's stock after selling 100,725 shares during the period. Nuveen Asset Management LLC owned about 0.76% of Owens Corning worth $110,321,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Owens Corning by 13.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after acquiring an additional 85 shares in the last quarter. J. Goldman & Co LP purchased a new position in shares of Owens Corning in the fourth quarter worth $15,548,000. Jacobs Levy Equity Management Inc. raised its holdings in shares of Owens Corning by 20.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,859 shares of the construction company's stock worth $828,000 after buying an additional 810 shares during the last quarter. Gotham Asset Management LLC raised its holdings in shares of Owens Corning by 0.7% in the fourth quarter. Gotham Asset Management LLC now owns 39,947 shares of the construction company's stock worth $6,804,000 after buying an additional 266 shares during the last quarter. Finally, Graham Capital Management L.P. purchased a new position in shares of Owens Corning in the fourth quarter worth $1,550,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts 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 reduced 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. StockNews.com cut shares of Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. cut their price objective 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. Finally, Loop Capital cut their price objective on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $186.64.

Owens Corning Price Performance

OC traded down $1.14 on Tuesday, reaching $141.21. 564,401 shares of the company's stock were exchanged, compared to its average volume of 829,400. The stock has a market cap of $12.01 billion, a PE ratio of 12.02, a P/E/G ratio of 1.88 and a beta of 1.44. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a twelve month low of $123.41 and a twelve month high of $214.53. The stock's fifty day moving average price is $141.14 and its 200-day moving average price is $166.21.

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 (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.52 billion. During the same period in the prior year, the business earned $3.40 earnings per share. The business's revenue was up 25.4% compared to the same quarter last year. Sell-side analysts expect that Owens Corning will post 15.49 EPS for the current year.

Owens Corning announced that its board has authorized a stock repurchase plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Owens Corning 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.