Sherbrooke Park Advisers LLC Sells 867 Shares of Owens Corning (NYSE:OC)

Sherbrooke Park Advisers LLC trimmed its holdings in Owens Corning (NYSE:OC) by 29.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,055 shares of the construction company’s stock after selling 867 shares during the quarter. Sherbrooke Park Advisers LLC’s holdings in Owens Corning were worth $350,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. FPC Investment Advisory Inc. bought a new stake in Owens Corning during the 4th quarter valued at $28,000. Venturi Wealth Management LLC raised its holdings in Owens Corning by 55.8% during the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock valued at $30,000 after buying an additional 63 shares during the last quarter. Global Trust Asset Management LLC bought a new stake in Owens Corning during the 4th quarter valued at $31,000. Wilmington Savings Fund Society FSB raised its holdings in Owens Corning by 193.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock valued at $32,000 after buying an additional 122 shares during the last quarter. Finally, Whipplewood Advisors LLC bought a new stake in Owens Corning during the 4th quarter valued at $34,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Trading Up 1.7%

NYSE:OC opened at $145.01 on Monday. The company’s 50 day moving average price is $141.15 and its 200-day moving average price is $166.47. Owens Corning has a 52 week low of $123.41 and a 52 week high of $214.53. 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 stock has a market cap of $12.33 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.88 and a beta of 1.44.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter in the prior year, the company posted $3.40 earnings per share. The business’s revenue for the quarter was up 25.4% on a year-over-year basis. On average, equities research analysts forecast 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 buyback program on Wednesday, May 14th that authorizes the company to repurchase 12,000,000 outstanding shares. This repurchase authorization authorizes the construction company to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms recently commented on OC. UBS Group lowered their price target on shares of Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Royal Bank of Canada reduced 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. JPMorgan Chase & Co. reduced their price target on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a report on Tuesday, April 1st. They issued a “buy” rating and a $183.00 price objective on the stock. Finally, Wells Fargo & Company upped their price objective on shares of Owens Corning from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $189.45.

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.