PharVision Advisers LLC Invests $322,000 in Owens Corning (NYSE:OC)

PharVision Advisers LLC purchased a new position in shares of Owens Corning (NYSE:OC) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,890 shares of the construction company’s stock, valued at approximately $322,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Owens Corning by 41.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company’s stock valued at $242,337,000 after purchasing an additional 414,770 shares during the period. Norges Bank purchased a new stake in Owens Corning in the 4th quarter valued at about $208,519,000. Northern Trust Corp boosted its position in Owens Corning by 27.4% in the 4th quarter. Northern Trust Corp now owns 964,861 shares of the construction company’s stock valued at $164,335,000 after buying an additional 207,677 shares during the period. First Trust Advisors LP grew its stake in Owens Corning by 20.7% in the 4th quarter. First Trust Advisors LP now owns 744,771 shares of the construction company’s stock worth $126,849,000 after acquiring an additional 127,785 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Owens Corning by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 739,669 shares of the construction company’s stock worth $125,980,000 after acquiring an additional 12,394 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Down 4.3%

Shares of Owens Corning stock opened at $135.11 on Thursday. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The company has a market cap of $11.49 billion, a P/E ratio of 11.50, a PEG ratio of 1.88 and a beta of 1.44. The firm’s 50 day moving average price is $141.03 and its 200-day moving average price is $165.82. Owens Corning has a 52-week low of $123.41 and a 52-week high of $214.53.

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

Owens Corning announced that its board has approved 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 purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on OC shares. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Wells Fargo & Company increased their price target on Owens Corning from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, May 15th. Evercore ISI set a $165.00 price objective on Owens Corning in a report on Thursday, May 15th. UBS Group dropped their target price on shares of Owens Corning from $235.00 to $218.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Finally, Royal Bank of Canada reduced their price target on shares of Owens Corning from $199.00 to $184.00 and set an “outperform” rating for the company in a report on Thursday, May 8th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $186.64.

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.