Van ECK Associates Corp Reduces Holdings in Owens Corning (NYSE:OC)

Van ECK Associates Corp lessened its position in shares of Owens Corning (NYSE:OC) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,294 shares of the construction company’s stock after selling 272 shares during the period. Van ECK Associates Corp’s holdings in Owens Corning were worth $5,825,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lecap Asset Management Ltd. bought a new position in shares of Owens Corning during the 4th quarter valued at about $1,791,000. Voss Capital LLC bought a new position in shares of Owens Corning in the 4th quarter worth approximately $5,929,000. Louisiana State Employees Retirement System bought a new position in shares of Owens Corning in the 4th quarter worth approximately $3,706,000. Federated Hermes Inc. raised its position in shares of Owens Corning by 11.6% in the 4th quarter. Federated Hermes Inc. now owns 530,802 shares of the construction company’s stock worth $78,681,000 after acquiring an additional 55,263 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its position in Owens Corning by 97.3% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 22,798 shares of the construction company’s stock valued at $3,110,000 after buying an additional 11,241 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Price Performance

NYSE OC opened at $174.81 on Friday. The company has a market capitalization of $15.15 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 5.24 and a beta of 1.45. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.22 and a current ratio of 1.76. The business’s fifty day moving average is $162.66 and its 200 day moving average is $147.85. Owens Corning has a fifty-two week low of $103.41 and a fifty-two week high of $178.24.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share 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 company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the previous year, the business earned $2.77 earnings per share. Owens Corning’s quarterly revenue was down 1.3% compared to the same quarter last year. Sell-side analysts predict that Owens Corning will post 15.37 earnings per share for the current year.

Insider Activity

In other news, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction dated 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 directly owns 20,419 shares in the company, valued at $3,307,878. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Gunner Smith sold 657 shares of Owens Corning stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $153.36, for a total value of $100,757.52. Following the sale, the insider now directly owns 37,587 shares of the company’s stock, valued at $5,764,342.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction dated 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 directly owns 20,419 shares in the company, valued at $3,307,878. The disclosure for this sale can be found here. Insiders have sold 11,864 shares of company stock worth $1,819,471 over the last ninety days. Corporate insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on OC shares. Argus lifted their target price on Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Evercore ISI lifted their target price on Owens Corning from $154.00 to $172.00 and gave the stock an “in-line” rating in a report on Thursday, April 25th. Royal Bank of Canada raised their price target on Owens Corning from $175.00 to $192.00 and gave the stock an “outperform” 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 note on Tuesday, February 20th. Finally, Citigroup raised their price target on Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $168.21.

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.