NorthCrest Asset Manangement LLC Sells 253 Shares of Owens Corning (NYSE:OC)

NorthCrest Asset Manangement LLC reduced its holdings in shares of Owens Corning (NYSE:OC) by 1.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,969 shares of the construction company’s stock after selling 253 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Owens Corning were worth $2,209,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Menard Financial Group LLC grew its position in Owens Corning by 3.6% during the 4th quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company’s stock worth $387,000 after acquiring an additional 80 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Owens Corning in the 4th quarter valued at about $25,218,000. Polar Asset Management Partners Inc. raised its stake in Owens Corning by 76.7% during the 4th quarter. Polar Asset Management Partners Inc. now owns 20,500 shares of the construction company’s stock worth $3,492,000 after buying an additional 8,900 shares during the period. Toronto Dominion Bank raised its stake in Owens Corning by 6.2% during the 4th quarter. Toronto Dominion Bank now owns 11,702 shares of the construction company’s stock worth $1,993,000 after buying an additional 679 shares during the period. Finally, Vise Technologies Inc. raised its stake in Owens Corning by 96.6% during the 4th quarter. Vise Technologies Inc. now owns 2,434 shares of the construction company’s stock worth $415,000 after buying an additional 1,196 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Trading Down 3.0%

OC opened at $133.58 on Thursday. Owens Corning has a one year low of $123.41 and a one year high of $214.53. The stock has a market capitalization of $11.36 billion, a PE ratio of 11.37, a P/E/G ratio of 1.88 and a beta of 1.44. The business’s 50 day moving average price is $139.93 and its 200 day moving average price is $164.09. 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 (NYSE:OC) last released its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. The company had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.52 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm’s revenue was up 25.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.40 earnings per share. As a group, equities research analysts expect that Owens Corning will post 15.49 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on OC shares. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a report on Tuesday, April 1st. They set a “buy” rating and a $183.00 price objective for the company. Wolfe Research upgraded Owens Corning from a “peer perform” rating to an “outperform” rating in a research report on Friday, May 9th. Barclays lowered their price target on Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company raised their price objective on Owens Corning from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Thursday, May 15th. Finally, Evercore ISI set a $165.00 target price on Owens Corning in a research note on Thursday, May 15th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $183.80.

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.