Livforsakringsbolaget Skandia Omsesidigt increased its holdings in shares of Owens Corning (NYSE:OC – Free Report) by 17.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 33,650 shares of the construction company’s stock after acquiring an additional 5,100 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Owens Corning were worth $4,391,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Owens Corning during the first quarter worth approximately $27,000. Belpointe Asset Management LLC bought a new stake in Owens Corning during the 4th quarter valued at $33,000. Allworth Financial LP lifted its holdings in shares of Owens Corning by 87.8% in the 1st quarter. Allworth Financial LP now owns 353 shares of the construction company’s stock worth $34,000 after buying an additional 165 shares during the period. Power Corp of Canada bought a new position in shares of Owens Corning during the 1st quarter worth $34,000. Finally, Compass Wealth Management LLC purchased a new position in shares of Owens Corning during the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 90.22% of the company’s stock.
Analyst Ratings Changes
A number of research analysts have commented on the stock. Truist Financial raised their target price on shares of Owens Corning from $105.00 to $135.00 in a research report on Thursday, July 6th. JPMorgan Chase & Co. upgraded Owens Corning from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $95.00 to $133.00 in a report on Friday, July 28th. Benchmark downgraded Owens Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. Bank of America upped their price objective on Owens Corning from $127.00 to $152.00 in a research note on Friday, July 14th. Finally, Argus lifted their target price on Owens Corning from $120.00 to $155.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and a consensus target price of $141.57.
Insider Buying and Selling
In related news, insider Todd W. Fister sold 5,375 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $136.23, for a total value of $732,236.25. Following the transaction, the insider now owns 26,067 shares in the company, valued at approximately $3,551,107.41. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director W Howard Morris sold 1,033 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $141.63, for a total value of $146,303.79. Following the sale, the director now owns 40,889 shares in the company, valued at $5,791,109.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd W. Fister sold 5,375 shares of Owens Corning stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $136.23, for a total value of $732,236.25. Following the transaction, the insider now owns 26,067 shares of the company’s stock, valued at $3,551,107.41. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.
Owens Corning Stock Performance
Owens Corning stock traded up $2.16 during mid-day trading on Thursday, reaching $139.00. 295,792 shares of the company traded hands, compared to its average volume of 844,848. The firm’s fifty day moving average is $138.12 and its two-hundred day moving average is $117.34. The company has a market capitalization of $12.49 billion, a price-to-earnings ratio of 9.70, a price-to-earnings-growth ratio of 1.34 and a beta of 1.49. Owens Corning has a fifty-two week low of $74.22 and a fifty-two week high of $147.00. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.07 and a quick ratio of 1.37.
Owens Corning (NYSE:OC – Get Free Report) last released its earnings results on Wednesday, July 26th. The construction company reported $4.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.25 by $0.97. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.54 billion. Owens Corning had a return on equity of 25.59% and a net margin of 13.62%. The firm’s revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $3.83 EPS. On average, equities research analysts expect that Owens Corning will post 13.59 earnings per share for the current fiscal year.
Owens Corning Profile
Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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