Owens Corning (NYSE:OC) Shares Sold by Avanza Fonder AB

Avanza Fonder AB trimmed its holdings in Owens Corning (NYSE:OC) by 4.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,906 shares of the construction company’s stock after selling 397 shares during the period. Avanza Fonder AB’s holdings in Owens Corning were worth $1,311,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Owens Corning during the 4th quarter valued at about $208,519,000. Price T Rowe Associates Inc. MD lifted its position in shares of 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 worth $242,337,000 after acquiring an additional 414,770 shares during the period. Raiffeisen Bank International AG bought a new position in shares of Owens Corning during the 4th quarter worth approximately $51,400,000. Raymond James Financial Inc. bought a new position in shares of Owens Corning during the 4th quarter worth approximately $51,220,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Owens Corning during the 4th quarter worth approximately $41,252,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analysts Set New Price Targets

OC has been the subject of a number of research analyst reports. Evercore ISI set a $165.00 target price on Owens Corning in a research note on Thursday, May 15th. Wall Street Zen cut shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Royal Bank of Canada dropped their price objective on shares of Owens Corning from $199.00 to $184.00 and set an “outperform” rating on the stock in a report on Thursday, May 8th. Wells Fargo & Company upped their target price on shares of Owens Corning from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Thursday, May 15th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.80.

Owens Corning Trading Down 1.5%

Shares of Owens Corning stock opened at $137.73 on Thursday. Owens Corning has a 12-month low of $123.41 and a 12-month 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 business’s 50 day moving average is $138.24 and its 200-day moving average is $160.00. The stock has a market cap of $11.71 billion, a P/E ratio of 11.72, a P/E/G ratio of 1.88 and a beta of 1.34.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company’s quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.40 EPS. Equities research analysts predict that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning announced that its board has authorized a stock repurchase plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.