Point72 Asia Singapore Pte. Ltd. Grows Stock Position in Owens Corning (NYSE:OC)

Point72 Asia Singapore Pte. Ltd. raised its holdings in Owens Corning (NYSE:OC) by 24.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,978 shares of the construction company’s stock after buying an additional 775 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Owens Corning were worth $678,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Owens Corning during the fourth quarter worth about $208,519,000. Price T Rowe Associates Inc. MD grew its holdings in 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 worth $242,337,000 after acquiring an additional 414,770 shares during the period. Raymond James Financial Inc. acquired a new stake in Owens Corning during the fourth quarter worth about $51,220,000. Schonfeld Strategic Advisors LLC acquired a new stake in Owens Corning during the fourth quarter worth about $41,252,000. Finally, LGT Group Foundation acquired a new stake in Owens Corning during the fourth quarter worth about $39,054,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OC. Loop Capital dropped their target price on Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Royal Bank of Canada dropped their target price on Owens Corning from $199.00 to $184.00 and set an “outperform” rating on the stock in a report on Thursday, May 8th. JPMorgan Chase & Co. dropped their target price on Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. StockNews.com lowered Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and an average target price of $189.45.

Owens Corning Trading Up 0.3%

Shares of OC stock opened at $142.50 on Friday. The stock’s fifty day moving average is $141.04 and its two-hundred day moving average is $166.90. 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 firm has a market capitalization of $12.12 billion, a P/E ratio of 12.13, a PEG ratio of 1.88 and a beta of 1.44. 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 posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the previous year, the firm earned $3.40 EPS. The company’s quarterly revenue was up 25.4% compared to the same quarter last year. Research analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

About Owens Corning

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.