Owens Corning (NYSE:OC) Position Cut by Park Avenue Securities LLC

Park Avenue Securities LLC trimmed its position in Owens Corning (NYSE:OC) by 73.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,612 shares of the construction company’s stock after selling 4,352 shares during the period. Park Avenue Securities LLC’s holdings in Owens Corning were worth $230,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FPC Investment Advisory Inc. bought a new position in Owens Corning during the 4th quarter valued at $28,000. Venturi Wealth Management LLC boosted its stake in Owens Corning by 55.8% during the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock valued at $30,000 after purchasing an additional 63 shares in the last quarter. Whipplewood Advisors LLC bought a new position in Owens Corning during the 4th quarter valued at $34,000. IFP Advisors Inc boosted its stake in Owens Corning by 35.6% during the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock valued at $40,000 after purchasing an additional 62 shares in the last quarter. Finally, Assetmark Inc. boosted its stake in Owens Corning by 195.1% during the 4th quarter. Assetmark Inc. now owns 239 shares of the construction company’s stock valued at $41,000 after purchasing an additional 158 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Owens Corning Price Performance

Shares of NYSE:OC opened at $136.46 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a 1 year low of $123.41 and a 1 year high of $214.53. The business has a fifty day simple moving average of $138.79 and a 200 day simple moving average of $157.86. The firm has a market cap of $11.61 billion, a price-to-earnings ratio of 11.61, 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.52 billion. During the same period last year, the company earned $3.40 earnings per share. Owens Corning’s quarterly revenue was up 25.4% compared to the same quarter last year. As a group, sell-side analysts predict that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its board has authorized a stock buyback plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on OC shares. UBS Group reduced their price objective on Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Wall Street Zen lowered Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research note on Tuesday, April 1st. They set a “buy” rating and a $183.00 price objective for the company. Barclays reduced their price objective on Owens Corning from $179.00 to $167.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. Finally, Royal Bank of Canada decreased their target price on Owens Corning from $199.00 to $184.00 and set an “outperform” rating for the company in a research 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 company. According to MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price 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.