Owens Corning (NYSE:OC) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lowered its position in shares of Owens Corning (NYSE:OC) by 0.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 39,294 shares of the construction company’s stock after selling 272 shares during the quarter. Van ECK Associates Corp’s holdings in Owens Corning were worth $5,825,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Invesco Ltd. increased its holdings in Owens Corning by 156.1% in the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after purchasing an additional 906,782 shares during the last quarter. Pacer Advisors Inc. increased its stake in Owens Corning by 6,116.6% in the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock valued at $123,415,000 after purchasing an additional 819,201 shares during the period. Federated Hermes Inc. increased its stake in Owens Corning by 1,602.4% in the third quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock valued at $64,868,000 after purchasing an additional 447,606 shares during the period. Teacher Retirement System of Texas increased its stake in Owens Corning by 226.1% in the third quarter. Teacher Retirement System of Texas now owns 164,252 shares of the construction company’s stock valued at $22,406,000 after purchasing an additional 113,890 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of Owens Corning by 15.1% during the fourth quarter. Nordea Investment Management AB now owns 717,743 shares of the construction company’s stock worth $106,556,000 after acquiring an additional 94,185 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OC. Truist Financial boosted their price target on shares of Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a research note on Thursday, February 15th. UBS Group increased their price target on shares of Owens Corning from $169.00 to $192.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Argus increased their price target on shares of Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. JPMorgan Chase & Co. decreased their target price on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Finally, Evercore ISI raised their target price on shares of Owens Corning from $154.00 to $172.00 and gave the stock an “in-line” rating in a research report on Thursday, April 25th. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $168.21.

Owens Corning Stock Performance

Shares of OC stock opened at $174.81 on Friday. Owens Corning has a 52 week low of $103.41 and a 52 week high of $178.24. The company has a market cap of $15.15 billion, a PE ratio of 14.15, a P/E/G ratio of 5.24 and a beta of 1.45. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.50. The company’s fifty day simple moving average is $162.66 and its 200-day simple moving average is $147.85.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.55. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter in the previous year, the firm posted $2.77 EPS. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. As a group, equities research analysts anticipate that Owens Corning will post 15.37 EPS for the current year.

Insider Buying and Selling

In related news, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the sale, the executive vice president now owns 20,419 shares of the company’s stock, valued at approximately $3,307,878. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Owens Corning news, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares of the company’s stock, valued at approximately $3,307,878. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gunner Smith sold 657 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $153.36, for a total transaction of $100,757.52. Following the transaction, the insider now directly owns 37,587 shares of the company’s stock, valued at $5,764,342.32. The disclosure for this sale can be found here. Insiders have sold 11,864 shares of company stock valued at $1,819,471 in the last quarter. Company insiders own 0.89% of the company’s stock.

Owens Corning 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.