Wells Fargo & Company MN Grows Position in Owens Corning (NYSE:OC)

Wells Fargo & Company MN raised its position in Owens Corning (NYSE:OCFree Report) by 91.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,256 shares of the construction company’s stock after purchasing an additional 21,633 shares during the quarter. Wells Fargo & Company MN owned 0.05% of Owens Corning worth $6,708,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Invesco Ltd. raised its holdings in shares of Owens Corning by 156.1% during the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after buying an additional 906,782 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Owens Corning by 6,116.6% during the 4th quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock valued at $123,415,000 after buying an additional 819,201 shares during the period. Norges Bank purchased a new stake in shares of Owens Corning during the 4th quarter valued at about $118,251,000. Federated Hermes Inc. raised its holdings in shares of Owens Corning by 1,602.4% during the 3rd quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock valued at $64,868,000 after buying an additional 447,606 shares during the period. Finally, Nordea Investment Management AB raised its holdings in shares of Owens Corning by 15.1% during the 4th quarter. Nordea Investment Management AB now owns 717,743 shares of the construction company’s stock valued at $106,556,000 after buying an additional 94,185 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of OC opened at $176.56 on Friday. The firm has a market cap of $15.30 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 5.22 and a beta of 1.46. The stock has a 50 day moving average of $172.23 and a 200-day moving average of $157.02. 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 has a 52 week low of $109.95 and a 52 week high of $184.00.

Owens Corning (NYSE:OCGet Free Report) last issued its earnings results on Wednesday, April 24th. The construction company reported $3.59 EPS for the quarter, topping the consensus estimate of $3.04 by $0.55. The company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.28 billion. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The business’s revenue was down 1.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.77 EPS. As a group, analysts forecast that Owens Corning will post 15.48 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on OC shares. UBS Group raised their target price on Owens Corning from $169.00 to $192.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Jefferies Financial Group started coverage on Owens Corning in a report on Wednesday, May 22nd. They set a “buy” rating and a $215.00 target price on the stock. Argus raised their target price on Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Barclays raised their price objective on Owens Corning from $160.00 to $190.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, JPMorgan Chase & Co. lowered their price objective on Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday, February 20th. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $174.21.

Get Our Latest Stock Analysis on OC

Insider Transactions at Owens Corning

In related news, EVP Paula Russell sold 3,765 shares of the firm’s 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 sale, the executive vice president now 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 at the SEC website. In related news, EVP Paula Russell sold 3,765 shares of the firm’s 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 sale, the executive vice president now 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 at the SEC website. Also, insider Monaco Nicolas Del sold 3,423 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $176.47, for a total value of $604,056.81. Following the completion of the sale, the insider now directly owns 11,381 shares in the company, valued at approximately $2,008,405.07. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,885 shares of company stock worth $2,940,053. 0.89% of the stock is currently owned by corporate insiders.

Owens Corning Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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