Owens Corning (NYSE:OC) Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC cut its holdings in shares of Owens Corning (NYSE:OC) by 8.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 12,650 shares of the construction company’s stock after selling 1,163 shares during the period. Lazard Asset Management LLC’s holdings in Owens Corning were worth $2,153,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FPC Investment Advisory Inc. purchased a new position in Owens Corning during the fourth quarter worth about $28,000. Venturi Wealth Management LLC raised its stake in Owens Corning by 55.8% during the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock worth $30,000 after purchasing an additional 63 shares during the period. Global Trust Asset Management LLC purchased a new position in Owens Corning during the fourth quarter worth about $31,000. Wilmington Savings Fund Society FSB raised its stake in Owens Corning by 193.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock worth $32,000 after purchasing an additional 122 shares during the period. Finally, Whipplewood Advisors LLC purchased a new position in Owens Corning during the fourth quarter worth about $34,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Trading Up 1.7%

Shares of OC stock opened at $145.01 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The stock has a market capitalization of $12.33 billion, a P/E ratio of 12.34, a price-to-earnings-growth ratio of 1.88 and a beta of 1.44. The company has a 50 day moving average price of $141.15 and a 200 day moving average price of $166.54. Owens Corning has a fifty-two week low of $123.41 and a fifty-two week high of $214.53.

Owens Corning (NYSE:OC) last announced its quarterly earnings data 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. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.52 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.40 earnings per share. Equities research analysts predict that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have commented on OC. Loop Capital reduced their target price on shares of Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. JPMorgan Chase & Co. reduced their target price on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Wells Fargo & Company lifted 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. Wolfe Research raised shares of Owens Corning from a “peer perform” rating to an “outperform” rating in a research note on Friday, May 9th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They issued a “buy” rating and a $183.00 price target on the stock. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and an average price target of $189.45.

Owens Corning 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.