Truist Financial Corp Sells 10,623 Shares of Owens Corning (NYSE:OC)

Truist Financial Corp cut its holdings in shares of Owens Corning (NYSE:OC) by 28.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,089 shares of the construction company’s stock after selling 10,623 shares during the period. Truist Financial Corp’s holdings in Owens Corning were worth $3,867,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of OC. Contravisory Investment Management Inc. bought a new stake in Owens Corning in the fourth quarter valued at about $27,000. Bruce G. Allen Investments LLC acquired a new position in shares of Owens Corning during the 4th quarter worth about $27,000. VisionPoint Advisory Group LLC increased its stake in shares of Owens Corning by 53.0% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 254 shares of the construction company’s stock valued at $35,000 after acquiring an additional 88 shares during the last quarter. BluePath Capital Management LLC acquired a new stake in shares of Owens Corning in the 3rd quarter valued at approximately $36,000. Finally, Blue Trust Inc. boosted its stake in Owens Corning by 42.2% during the 4th quarter. Blue Trust Inc. now owns 263 shares of the construction company’s stock worth $36,000 after acquiring an additional 78 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling at Owens Corning

In other news, EVP Paula Russell sold 3,765 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of 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 SEC, which is available at this link. In other Owens Corning news, insider Gunner Smith sold 7,442 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $148.99, for a total value of $1,108,783.58. Following the sale, the insider now owns 36,140 shares in the company, valued at $5,384,498.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total value of $609,930.00. Following the transaction, the executive vice president now owns 20,419 shares of the company’s stock, valued at $3,307,878. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on OC shares. Loop Capital increased their target price on shares of Owens Corning from $167.00 to $188.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Barclays downgraded Owens Corning from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $170.00 to $160.00 in a research note on Monday, February 12th. Argus boosted their target price on Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. dropped their price target on 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, Truist Financial boosted their price objective on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research report on Thursday, February 15th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and a consensus price target of $168.21.

Owens Corning Stock Performance

Shares of OC opened at $177.27 on Tuesday. The stock has a market capitalization of $15.36 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 5.24 and a beta of 1.45. Owens Corning has a 12 month low of $103.65 and a 12 month high of $178.33. The firm has a fifty day simple moving average of $163.26 and a 200 day simple moving average of $148.40. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.50.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.55. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The company’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.77 EPS. Research analysts forecast that Owens Corning will post 15.37 EPS for the current fiscal year.

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.