Point72 Hong Kong Ltd Buys 32,003 Shares of Owens Corning (NYSE:OC)

Point72 Hong Kong Ltd raised its holdings in Owens Corning (NYSE:OC - Free Report) by 195.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,389 shares of the construction company's stock after buying an additional 32,003 shares during the quarter. Point72 Hong Kong Ltd owned approximately 0.06% of Owens Corning worth $8,242,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Owens Corning by 41.1% during 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 purchasing an additional 414,770 shares during the period. Norges Bank purchased a new position in Owens Corning in the 4th quarter worth approximately $208,519,000. Northern Trust Corp boosted its holdings in 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 during the period. First Trust Advisors LP boosted its holdings in 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 during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in 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 during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of Owens Corning stock traded up $2.49 during mid-day trading on Friday, reaching $145.01. 1,026,751 shares of the stock were exchanged, compared to its average volume of 830,762. 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 simple moving average of $141.15 and a 200 day simple moving average of $166.54. Owens Corning has a fifty-two week low of $123.41 and a fifty-two week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping 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 firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the prior year, the firm earned $3.40 EPS. The company's revenue was up 25.4% on a year-over-year basis. On average, sell-side analysts predict that Owens Corning will post 15.49 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several brokerages have weighed in on OC. JPMorgan Chase & Co. decreased 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. Royal Bank of Canada lowered their price target on Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company raised their price objective on Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price target on the stock. Finally, UBS Group dropped their price objective on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and an average target price of $189.45.

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.