Owens Corning Inc $OC Shares Purchased by Cibc World Market Inc.

Cibc World Market Inc. increased its stake in shares of Owens Corning Inc (NYSE:OC) by 49.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,254 shares of the construction company’s stock after acquiring an additional 5,074 shares during the quarter. Cibc World Market Inc.’s holdings in Owens Corning were worth $1,707,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of OC. Harbour Investments Inc. grew its position in Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after purchasing an additional 129 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Owens Corning during the 4th quarter worth $37,000. Measured Wealth Private Client Group LLC purchased a new position in Owens Corning during the 3rd quarter worth $42,000. Global Retirement Partners LLC grew its position in Owens Corning by 1,173.3% during the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock worth $43,000 after purchasing an additional 352 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Owens Corning in the fourth quarter valued at about $49,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of OC opened at $123.17 on Wednesday. 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 stock has a market cap of $9.92 billion, a P/E ratio of -18.63, a PEG ratio of 2.16 and a beta of 1.34. The company has a 50-day moving average of $117.99 and a two-hundred day moving average of $117.61. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42.

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

Analyst Upgrades and Downgrades

OC has been the topic of several analyst reports. Evercore set a $139.00 target price on shares of Owens Corning in a report on Thursday, May 7th. Barclays lifted their target price 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. Wells Fargo & Company lifted their target price on shares of Owens Corning from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Truist Financial lifted their target price 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. Finally, The Goldman Sachs Group lifted their target price 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $144.82.

Insider Buying and Selling

In other news, VP Mari Doerfler sold 1,926 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president owned 3,093 shares of the company’s stock, valued at $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

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.