SG Americas Securities LLC Sells 7,410 Shares of Owens Corning Inc (NYSE:OC)

SG Americas Securities LLC decreased its position in shares of Owens Corning Inc (NYSE:OC) by 50.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,192 shares of the construction company’s stock after selling 7,410 shares during the quarter. SG Americas Securities LLC’s holdings in Owens Corning were worth $1,027,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of OC. Pallas Capital Advisors LLC acquired a new stake in Owens Corning during the 1st quarter worth $205,000. Farther Finance Advisors LLC grew its position in shares of Owens Corning by 29.6% in the 1st quarter. Farther Finance Advisors LLC now owns 2,819 shares of the construction company’s stock valued at $406,000 after purchasing an additional 644 shares during the period. Wedge Capital Management L L P NC increased its stake in Owens Corning by 32.0% during the 1st quarter. Wedge Capital Management L L P NC now owns 72,848 shares of the construction company’s stock worth $10,404,000 after purchasing an additional 17,660 shares in the last quarter. Bank of New Hampshire increased its stake in Owens Corning by 3.6% during the 1st quarter. Bank of New Hampshire now owns 12,318 shares of the construction company’s stock worth $1,759,000 after purchasing an additional 432 shares in the last quarter. Finally, Wedmont Private Capital acquired a new stake in Owens Corning during the 1st quarter worth approximately $208,000. Institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. 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 lifted their target price on Owens Corning from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft initiated coverage on Owens Corning in a research report on Tuesday, April 1st. They set a “buy” rating and a $183.00 price target for the company. Loop Capital lowered their price objective on shares of Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Finally, UBS Group reduced their target price 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 analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $183.80.

Owens Corning Trading Down 2.8%

Shares of NYSE:OC opened at $132.64 on Wednesday. The company has a 50-day simple moving average of $138.62 and a 200 day simple moving average of $157.69. The company has a market capitalization of $11.28 billion, a P/E ratio of 46.70, a price-to-earnings-growth ratio of 3.60 and a beta of 1.34. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. Owens Corning Inc has a 52-week low of $123.41 and a 52-week high of $214.53.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period in the previous year, the company posted $3.40 EPS. The firm’s revenue for the quarter was up 25.4% compared to the same quarter last year. Sell-side analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

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

About Owens Corning

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.