Balyasny Asset Management L.P. Purchases 24,365 Shares of Owens Corning (NYSE:OC)

Balyasny Asset Management L.P. raised its stake in shares of Owens Corning (NYSE:OC - Free Report) by 1,348.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,172 shares of the construction company's stock after buying an additional 24,365 shares during the quarter. Balyasny Asset Management L.P.'s holdings in Owens Corning were worth $4,458,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of OC. Norges Bank bought a new position in shares of Owens Corning during the 4th quarter valued at about $208,519,000. Price T Rowe Associates Inc. MD raised its position in Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after buying an additional 414,770 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Owens Corning in the 4th quarter valued at approximately $51,220,000. Schonfeld Strategic Advisors LLC acquired a new stake in Owens Corning in the 4th quarter valued at approximately $41,252,000. Finally, LGT Group Foundation acquired a new stake in Owens Corning in the 4th quarter valued at approximately $39,054,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OC has been the topic of a number of recent research reports. StockNews.com lowered Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. dropped their target price on Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. UBS Group dropped their target price on Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Finally, Royal Bank of Canada lowered their price target 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. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and a consensus price target of $188.55.

Owens Corning Price Performance

Shares of OC traded down $0.02 during trading hours on Wednesday, hitting $142.59. 954,611 shares of the company were exchanged, compared to its average volume of 826,693. The company has a market cap of $12.13 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 1.88 and a beta of 1.44. Owens Corning has a fifty-two week low of $123.41 and a fifty-two week 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's fifty day moving average is $141.03 and its 200 day moving average is $167.36.

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

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.