NBC Securities Inc. Makes New Investment in Owens Corning (NYSE:OC)

NBC Securities Inc. bought a new position in Owens Corning (NYSE:OC) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 886 shares of the construction company’s stock, valued at approximately $126,000.

Several other institutional investors also recently modified their holdings of the business. 180 Wealth Advisors LLC acquired a new stake in shares of Owens Corning during the 1st quarter worth approximately $988,000. Parallel Advisors LLC grew its position in shares of Owens Corning by 7.6% during the 1st quarter. Parallel Advisors LLC now owns 2,775 shares of the construction company’s stock worth $396,000 after buying an additional 197 shares during the period. GAMMA Investing LLC grew its position in shares of Owens Corning by 12,013.1% during the 1st quarter. GAMMA Investing LLC now owns 244,079 shares of the construction company’s stock worth $34,859,000 after buying an additional 242,064 shares during the period. 111 Capital acquired a new stake in shares of Owens Corning during the 4th quarter worth approximately $1,092,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Owens Corning by 5.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 7,162 shares of the construction company’s stock worth $1,220,000 after buying an additional 369 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of OC opened at $137.07 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a twelve month low of $123.41 and a twelve month high of $214.53. The firm’s 50 day moving average price is $138.11 and its two-hundred day moving average price is $160.30. The firm has a market cap of $11.66 billion, a P/E ratio of 11.67, a PEG ratio of 1.88 and a beta of 1.34.

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

Owens Corning announced that its Board of Directors has approved a share buyback program on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on OC shares. Royal Bank of Canada lowered their price target on shares of Owens Corning from $199.00 to $184.00 and set an “outperform” rating for the company in a research report on Thursday, May 8th. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a report on Tuesday, April 1st. They set a “buy” rating and a $183.00 price objective for the company. Wall Street Zen cut shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, UBS Group decreased their price objective on shares of Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $183.80.

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.