Focus Partners Wealth Has $766,000 Stock Holdings in Owens Corning (NYSE:OC)

Focus Partners Wealth lessened its position in Owens Corning (NYSE:OC) by 37.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,452 shares of the construction company’s stock after selling 2,645 shares during the quarter. Focus Partners Wealth’s holdings in Owens Corning were worth $766,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of OC. Barclays PLC increased its position in shares of Owens Corning by 23.3% during the 3rd quarter. Barclays PLC now owns 125,756 shares of the construction company’s stock worth $22,197,000 after purchasing an additional 23,787 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of Owens Corning by 31.6% during the 4th quarter. Park Avenue Securities LLC now owns 5,964 shares of the construction company’s stock worth $1,016,000 after acquiring an additional 1,431 shares during the period. Avanza Fonder AB bought a new position in shares of Owens Corning during the 4th quarter worth approximately $1,584,000. Wealthcare Advisory Partners LLC bought a new position in shares of Owens Corning during the 4th quarter worth approximately $226,000. Finally, Merit Financial Group LLC bought a new position in shares of Owens Corning during the 4th quarter worth approximately $573,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Up 1.7%

Shares of NYSE:OC opened at $145.01 on Monday. The business’s 50 day simple moving average is $141.15 and its two-hundred day simple moving average is $166.47. The firm has a market cap of $12.33 billion, a P/E ratio of 12.34, a PEG ratio of 1.88 and a beta of 1.44. 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 has a 52-week low of $123.41 and a 52-week high of $214.53.

Owens Corning (NYSE:OC) last posted its earnings results 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. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter last year, the company earned $3.40 earnings per share. The company’s revenue for the quarter was up 25.4% on a year-over-year basis. As a group, research analysts forecast that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning declared that its board has authorized a share 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently issued reports on OC. UBS Group reduced their price target on Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Wolfe Research upgraded Owens Corning from a “peer perform” rating to an “outperform” rating in a research report on Friday, May 9th. StockNews.com downgraded Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Wells Fargo & Company upped 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. Finally, Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.