Silvercrest Asset Management Group LLC Makes New Investment in Owens Corning (NYSE:OC)

Silvercrest Asset Management Group LLC acquired a new position in Owens Corning (NYSE:OC) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 72,300 shares of the construction company’s stock, valued at approximately $12,314,000. Silvercrest Asset Management Group LLC owned approximately 0.08% of Owens Corning at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Truist Financial Corp raised its holdings in Owens Corning by 4.0% in the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company’s stock worth $2,732,000 after purchasing an additional 624 shares in the last quarter. Allstate Corp bought a new position in Owens Corning in the fourth quarter worth $425,000. Integrated Quantitative Investments LLC bought a new position in Owens Corning in the fourth quarter worth $349,000. Principal Financial Group Inc. raised its holdings in Owens Corning by 88.9% in the fourth 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 raised its holdings in Owens Corning by 1.0% in the fourth quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company’s stock worth $87,212,000 after purchasing an additional 5,167 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on OC. Wolfe Research raised Owens Corning from a “peer perform” rating to an “outperform” rating in a research note on Friday, May 9th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. Royal Bank of Canada cut their target price on Owens Corning from $199.00 to $184.00 and set an “outperform” rating on the stock in a research note on Thursday, May 8th. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a “buy” rating and a $183.00 target price on the stock. Finally, StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $189.45.

Owens Corning Trading Up 1.7%

Owens Corning stock opened at $145.01 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a one year low of $123.41 and a one year high of $214.53. The stock has a market capitalization 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 business’s fifty day moving average is $141.15 and its 200 day moving average is $166.54.

Owens Corning (NYSE:OC) last announced 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. The business had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.52 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same period last year, the firm posted $3.40 earnings per share. On average, sell-side analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board 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.