Bank of New York Mellon Corp Sells 161,464 Shares of Owens Corning Inc $OC

Bank of New York Mellon Corp lessened its position in Owens Corning Inc (NYSE:OC) by 20.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 621,740 shares of the construction company’s stock after selling 161,464 shares during the quarter. Bank of New York Mellon Corp’s holdings in Owens Corning were worth $69,579,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Pitcairn Co. lifted its holdings in shares of Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock worth $250,000 after acquiring an additional 80 shares during the last quarter. Viawealth LLC lifted its holdings in shares of Owens Corning by 3.6% in the 4th quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock worth $287,000 after acquiring an additional 88 shares during the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of Owens Corning by 2.7% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock worth $447,000 after acquiring an additional 104 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in shares of Owens Corning by 0.8% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 14,303 shares of the construction company’s stock worth $1,626,000 after acquiring an additional 117 shares during the last quarter. Finally, Harbour Investments Inc. lifted its holdings in shares of Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after acquiring an additional 129 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the transaction, the vice president directly owned 3,093 shares of the company’s stock, valued at $374,005.56. The trade was a 38.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.92% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on OC shares. Truist Financial lifted their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, May 7th. The Goldman Sachs Group lifted their price objective on shares of Owens Corning from $125.00 to $141.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Barclays lifted their price objective on shares of Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, Weiss Ratings lowered shares of Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $144.82.

Owens Corning Stock Up 3.4%

NYSE:OC opened at $123.17 on Wednesday. The company has a market cap of $9.92 billion, a PE ratio of -18.63, a P/E/G ratio of 2.16 and a beta of 1.34. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.42. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The company’s 50 day moving average is $117.99 and its two-hundred day moving average is $117.61.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.01 by $0.21. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The business had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same period in the previous year, the business posted $2.97 EPS. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. Analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current year.

Owens Corning Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.