Silvercrest Asset Management Group LLC Invests $12.31 Million in Owens Corning (NYSE:OC)

Silvercrest Asset Management Group LLC acquired a new position in Owens Corning (NYSE:OC) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 72,300 shares of the construction company’s stock, valued at approximately $12,314,000.

Several other institutional investors have also recently made changes to their positions in OC. Stratos Wealth Partners LTD. raised its position in shares of Owens Corning by 4.3% in the 4th quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company’s stock worth $221,000 after acquiring an additional 53 shares in the last quarter. Greenleaf Trust increased its position in Owens Corning by 1.5% during the 4th quarter. Greenleaf Trust now owns 3,895 shares of the construction company’s stock valued at $663,000 after buying an additional 56 shares in the last quarter. CoreCap Advisors LLC increased its position in Owens Corning by 3.3% during the 4th quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company’s stock valued at $305,000 after buying an additional 57 shares in the last quarter. Retirement Guys Formula LLC increased its position in Owens Corning by 3.1% during the 4th quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company’s stock valued at $341,000 after buying an additional 60 shares in the last quarter. Finally, IFP Advisors Inc increased its position in Owens Corning by 35.6% during the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock valued at $40,000 after buying an additional 62 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OC. 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. Wolfe Research raised Owens Corning from a “peer perform” rating to an “outperform” rating in a research report on Friday, May 9th. Royal Bank of Canada cut their price objective on Owens Corning from $199.00 to $184.00 and set an “outperform” rating on the stock in a report on Thursday, May 8th. Barclays cut their price objective on Owens Corning from $179.00 to $167.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Finally, StockNews.com lowered Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Five 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $189.45.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $145.01 on Friday. The business has a 50 day simple moving average of $141.15 and a two-hundred day simple moving average of $166.54. Owens Corning has a 12 month low of $123.41 and a 12 month high of $214.53. The stock has a market capitalization 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 current ratio of 1.44 and a quick ratio of 0.85.

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 the consensus estimate of $2.82 by $0.15. The firm had revenue of $2.53 billion during 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 business’s revenue for the quarter was up 25.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.40 earnings per share. As a group, analysts predict that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning announced that its board has initiated a stock repurchase program on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are 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.