First Trust Advisors LP Has $59.65 Million Stock Position in Owens Corning (NYSE:OC)

First Trust Advisors LP grew its holdings in shares of Owens Corning (NYSE:OCFree Report) by 4.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 402,392 shares of the construction company’s stock after buying an additional 16,331 shares during the quarter. First Trust Advisors LP’s holdings in Owens Corning were worth $59,647,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Oppenheimer & Co. Inc. lifted its position in shares of Owens Corning by 46.0% during the third quarter. Oppenheimer & Co. Inc. now owns 4,908 shares of the construction company’s stock valued at $670,000 after purchasing an additional 1,547 shares in the last quarter. Avantax Advisory Services Inc. lifted its position in shares of Owens Corning by 42.0% during the third quarter. Avantax Advisory Services Inc. now owns 3,013 shares of the construction company’s stock valued at $411,000 after purchasing an additional 891 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in shares of Owens Corning during the third quarter valued at about $1,226,000. Atria Wealth Solutions Inc. bought a new position in shares of Owens Corning during the third quarter valued at about $251,000. Finally, Janney Montgomery Scott LLC lifted its position in shares of Owens Corning by 34.0% during the third quarter. Janney Montgomery Scott LLC now owns 39,532 shares of the construction company’s stock valued at $5,393,000 after purchasing an additional 10,033 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Truist Financial raised their price target on shares of Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research report on Thursday, February 15th. Citigroup raised their price target on shares of Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $192.00 to $201.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 21st. JPMorgan Chase & Co. lowered their price objective on shares of 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, Jefferies Financial Group assumed coverage on shares of Owens Corning in a research report on Wednesday, May 22nd. They issued a “buy” rating and a $215.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.21.

Read Our Latest Research Report on OC

Owens Corning Price Performance

Shares of NYSE:OC opened at $176.85 on Friday. The company has a 50 day moving average of $172.23 and a 200 day moving average of $157.02. The stock has a market cap of $15.33 billion, a P/E ratio of 14.32, a P/E/G ratio of 5.26 and a beta of 1.46. Owens Corning has a 12 month low of $109.95 and a 12 month high of $184.00. 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:OCGet Free Report) last issued its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 EPS for the quarter, beating the consensus estimate of $3.04 by $0.55. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. Owens Corning’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.77 earnings per share. As a group, sell-side analysts forecast that Owens Corning will post 15.48 EPS for the current fiscal year.

Insider Activity at Owens Corning

In related news, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now owns 20,419 shares of the company’s stock, valued at $3,307,878. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Owens Corning news, insider Monaco Nicolas Del sold 3,423 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $176.47, for a total value of $604,056.81. Following the completion of the transaction, the insider now owns 11,381 shares of the company’s stock, valued at approximately $2,008,405.07. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Paula Russell sold 3,765 shares of the business’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 transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares of the company’s stock, valued at approximately $3,307,878. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,885 shares of company stock valued at $2,940,053. Corporate insiders own 0.89% of the company’s stock.

About Owens Corning

(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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