Seven Eight Capital LP Purchases Shares of 6,867 Owens Corning (NYSE:OC)

Seven Eight Capital LP bought a new position in shares of Owens Corning (NYSE:OCFree Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,867 shares of the construction company’s stock, valued at approximately $1,018,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in OC. Invesco Ltd. increased its position in shares of Owens Corning by 156.1% during the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock worth $202,932,000 after purchasing an additional 906,782 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Owens Corning by 6,116.6% during the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock worth $123,415,000 after buying an additional 819,201 shares during the last quarter. Norges Bank purchased a new position in shares of Owens Corning during the fourth quarter worth about $118,251,000. Federated Hermes Inc. grew its holdings in shares of Owens Corning by 1,602.4% during the third quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock worth $64,868,000 after buying an additional 447,606 shares during the last quarter. Finally, Bank of Nova Scotia grew its holdings in shares of Owens Corning by 9,571.1% during the fourth quarter. Bank of Nova Scotia now owns 143,616 shares of the construction company’s stock worth $21,287,000 after buying an additional 142,131 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analyst Ratings Changes

OC has been the topic of a number of research reports. Barclays raised their price target on Owens Corning from $160.00 to $190.00 and gave the stock an “equal weight” rating in a report on Monday, June 3rd. Jefferies Financial Group began coverage on Owens Corning in a report on Wednesday, May 22nd. They issued a “buy” rating and a $215.00 price objective on the stock. Loop Capital lifted their price objective on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a report on Monday, April 1st. UBS Group boosted their price target on Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Finally, Truist Financial upped their target price on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research note on Thursday, February 15th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $174.21.

Read Our Latest Analysis on Owens Corning

Insider Activity

In other news, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Monaco Nicolas Del sold 3,423 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $176.47, for a total value of $604,056.81. Following the sale, the insider now owns 11,381 shares of the company’s stock, valued at $2,008,405.07. The disclosure for this sale can be found here. Insiders sold 16,885 shares of company stock worth $2,940,053 over the last ninety days. Corporate insiders own 0.90% of the company’s stock.

Owens Corning Stock Up 0.2 %

Shares of NYSE OC opened at $176.89 on Monday. Owens Corning has a 12-month low of $109.95 and a 12-month high of $184.00. The company has a market cap of $15.33 billion, a P/E ratio of 14.32, a P/E/G ratio of 5.27 and a beta of 1.46. 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 stock has a fifty day moving average price of $172.43 and a 200 day moving average price of $157.53.

Owens Corning (NYSE:OCGet Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.55. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the firm earned $2.77 EPS. The firm’s quarterly revenue was down 1.3% compared to the same quarter last year. Research analysts anticipate that Owens Corning will post 15.48 EPS for the current fiscal year.

Owens Corning 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.

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

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