BI Asset Management Fondsmaeglerselskab A S Reduces Stake in Owens Corning Inc $OC

BI Asset Management Fondsmaeglerselskab A S reduced its position in Owens Corning Inc (NYSE:OC) by 72.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,261 shares of the construction company’s stock after selling 11,316 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Owens Corning were worth $477,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of OC. Norges Bank purchased a new position in Owens Corning in the 4th quarter valued at approximately $119,748,000. Clean Energy Transition LLP purchased a new position in Owens Corning in the 3rd quarter valued at approximately $75,203,000. JPMorgan Chase & Co. increased its stake in Owens Corning by 99.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company’s stock valued at $128,917,000 after purchasing an additional 454,382 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Owens Corning by 65.9% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,136,787 shares of the construction company’s stock valued at $160,810,000 after purchasing an additional 451,547 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Owens Corning by 70.9% in the 2nd quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company’s stock valued at $132,102,000 after purchasing an additional 398,440 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the sale, the vice president directly owned 3,093 shares of the company’s stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the sale, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on OC. UBS Group increased their target price on Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a report on Thursday, February 26th. JPMorgan Chase & Co. increased their target price on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Royal Bank Of Canada increased their target price on Owens Corning from $134.00 to $148.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Barclays raised their price objective on Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Finally, The Goldman Sachs Group raised their price objective on Owens Corning from $125.00 to $141.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $144.82.

Owens Corning Trading Down 6.4%

NYSE:OC opened at $115.07 on Thursday. The business’s 50-day moving average is $118.20 and its two-hundred day moving average is $117.73. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The firm has a market capitalization of $9.27 billion, a PE ratio of -17.41, a price-to-earnings-growth ratio of 2.23 and a beta of 1.34.

Owens Corning (NYSE:OC) last released 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 positive return on equity of 19.86% and a negative net margin of 5.43%.The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period last year, the company posted $2.97 earnings per share. The firm’s revenue was down 10.5% compared to the same quarter last year. Research analysts predict that Owens Corning Inc will post 9.53 earnings per share for the current fiscal 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.