Rafferty Asset Management LLC Acquires 5,182 Shares of Owens Corning (NYSE:OC)

Rafferty Asset Management LLC raised its holdings in Owens Corning (NYSE:OC) by 23.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,872 shares of the construction company’s stock after purchasing an additional 5,182 shares during the quarter. Rafferty Asset Management LLC’s holdings in Owens Corning were worth $4,577,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of OC. Truist Financial Corp grew its position in Owens Corning by 4.0% in the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company’s stock valued at $2,732,000 after acquiring an additional 624 shares during the last quarter. Allstate Corp acquired a new stake in shares of Owens Corning in the 4th quarter valued at approximately $425,000. Integrated Quantitative Investments LLC bought a new stake in shares of Owens Corning during the 4th quarter valued at approximately $349,000. Principal Financial Group Inc. increased its position in Owens Corning by 88.9% during the 4th quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company’s stock worth $66,777,000 after purchasing an additional 184,552 shares in the last quarter. Finally, Empower Advisory Group LLC lifted its stake in Owens Corning by 1.0% in the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company’s stock valued at $87,212,000 after purchasing an additional 5,167 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

OC has been the subject of several research analyst reports. Wolfe Research upgraded shares of Owens Corning from a “peer perform” rating to an “outperform” rating in a report on Friday, May 9th. Barclays dropped their target price on Owens Corning from $179.00 to $167.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. reduced their price target on Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. StockNews.com lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They set a “buy” rating and a $183.00 target price on the stock. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $189.45.

Owens Corning Stock Performance

OC stock opened at $145.01 on Monday. The firm has a market cap of $12.33 billion, a PE 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 stock has a 50-day moving average price of $141.15 and a 200-day moving average price of $166.47. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.40 earnings per share. As a group, equities research analysts expect that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning announced that its board has authorized a stock repurchase plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management 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.