Polar Asset Management Partners Inc. Boosts Holdings in Owens Corning (NYSE:OC)

Polar Asset Management Partners Inc. increased its position in Owens Corning (NYSE:OC - Free Report) by 76.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 20,500 shares of the construction company's stock after buying an additional 8,900 shares during the period. Polar Asset Management Partners Inc.'s holdings in Owens Corning were worth $3,492,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Barclays PLC boosted its holdings in shares of Owens Corning by 23.3% during the 3rd quarter. Barclays PLC now owns 125,756 shares of the construction company's stock valued at $22,197,000 after purchasing an additional 23,787 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Owens Corning by 1.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,893 shares of the construction company's stock valued at $1,217,000 after acquiring an additional 100 shares during the last quarter. Accurate Wealth Management LLC lifted its stake in Owens Corning by 47.3% in the fourth quarter. Accurate Wealth Management LLC now owns 5,221 shares of the construction company's stock worth $875,000 after purchasing an additional 1,676 shares during the last quarter. Park Avenue Securities LLC lifted its stake in Owens Corning by 31.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,964 shares of the construction company's stock worth $1,016,000 after purchasing an additional 1,431 shares during the last quarter. Finally, Carolina Wealth Advisors LLC lifted its stake in Owens Corning by 2.6% in the fourth quarter. Carolina Wealth Advisors LLC now owns 4,427 shares of the construction company's stock worth $754,000 after purchasing an additional 113 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

NYSE OC traded down $3.42 during trading hours on Wednesday, hitting $137.75. 337,609 shares of the company's stock traded hands, compared to its average volume of 829,538. Owens Corning has a 52-week low of $123.41 and a 52-week high of $214.53. The company has a market capitalization of $11.72 billion, a PE ratio of 11.71, a PEG 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. The firm's 50-day moving average is $141.21 and its 200-day moving average is $166.03.

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 for the quarter, beating the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.52 billion. During the same quarter in the prior year, the company posted $3.40 EPS. The business's revenue for the quarter was up 25.4% on a year-over-year basis. Equities analysts forecast that Owens Corning will post 15.49 EPS for the current fiscal 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Owens Corning from $150.00 to $160.00 and gave the company an "overweight" rating in a research report on Thursday, May 15th. UBS Group cut their price target on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. StockNews.com downgraded shares of Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Royal Bank of Canada lowered their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Finally, Wolfe Research upgraded shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $186.64.

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.