Owens Corning (NYSE:OC) Shares Purchased by WealthBridge Investment Counsel Inc.

WealthBridge Investment Counsel Inc. raised its stake in shares of Owens Corning (NYSE:OC) by 3.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,020 shares of the construction company’s stock after buying an additional 1,260 shares during the period. Owens Corning makes up 2.0% of WealthBridge Investment Counsel Inc.’s portfolio, making the stock its 27th biggest position. WealthBridge Investment Counsel Inc.’s holdings in Owens Corning were worth $5,430,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of OC. FPC Investment Advisory Inc. acquired a new position in Owens Corning during the 4th quarter valued at about $28,000. Venturi Wealth Management LLC lifted 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 valued at $30,000 after purchasing an additional 63 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its holdings 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 buying an additional 122 shares in the last quarter. Whipplewood Advisors LLC bought a new stake in Owens Corning during the fourth quarter worth approximately $34,000. Finally, IFP Advisors Inc grew its position in Owens Corning by 35.6% in the fourth quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock worth $40,000 after buying an additional 62 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Barclays decreased their price target on shares of Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Royal Bank of Canada decreased their price target on shares of Owens Corning from $199.00 to $184.00 and set an “outperform” rating on the stock in a research report on Thursday, May 8th. Wolfe Research upgraded shares of Owens Corning from a “peer perform” rating to an “outperform” rating in a research report on Friday, May 9th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They issued a “buy” rating and a $183.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $183.80.

Owens Corning Stock Performance

Owens Corning stock opened at $135.32 on Friday. The firm’s 50 day simple moving average is $138.32 and its 200-day simple moving average is $161.24. The company has a market cap of $11.51 billion, a P/E ratio of 11.52, a price-to-earnings-growth ratio of 1.88 and a beta of 1.34. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. 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 released its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. The business had revenue of $2.53 billion for 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%. The firm’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same period last year, the firm posted $3.40 earnings per share. As a group, equities research analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning declared that its board has authorized a stock repurchase program on Wednesday, May 14th that permits the company to repurchase 12,000,000 outstanding shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.