Swiss National Bank Sells 28,728 Shares of Owens Corning (NYSE:OC)

Posted by on May 12th, 2023

Swiss National Bank lessened its holdings in Owens Corning (NYSE:OC – Get Rating) by 6.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 392,000 shares of the construction company’s stock after selling 28,728 shares during the period. Swiss National Bank owned about 0.42% of Owens Corning worth $33,438,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. SummerHaven Investment Management LLC lifted its stake in Owens Corning by 1.3% in the fourth quarter. SummerHaven Investment Management LLC now owns 9,488 shares of the construction company’s stock valued at $809,000 after buying an additional 125 shares during the period. Fifth Third Bancorp increased its position in shares of Owens Corning by 42.3% during the 4th quarter. Fifth Third Bancorp now owns 552 shares of the construction company’s stock valued at $47,000 after purchasing an additional 164 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of Owens Corning by 2.8% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 6,846 shares of the construction company’s stock valued at $538,000 after purchasing an additional 189 shares during the last quarter. Doliver Advisors LP increased its position in shares of Owens Corning by 2.6% during the 4th quarter. Doliver Advisors LP now owns 8,752 shares of the construction company’s stock valued at $747,000 after purchasing an additional 218 shares during the last quarter. Finally, HighTower Advisors LLC increased its position in shares of Owens Corning by 9.3% during the 1st quarter. HighTower Advisors LLC now owns 2,606 shares of the construction company’s stock valued at $238,000 after purchasing an additional 221 shares during the last quarter. 94.59% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 8,000 shares of the company’s stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $100.00, for a total value of $800,000.00. Following the completion of the sale, the insider now owns 62,962 shares in the company, valued at $6,296,200. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Marcio A. Sandri sold 8,000 shares of the company’s stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $100.00, for a total value of $800,000.00. Following the completion of the transaction, the insider now owns 62,962 shares of the company’s stock, valued at $6,296,200. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Paula Russell sold 3,000 shares of the company’s stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $100.00, for a total value of $300,000.00. Following the completion of the transaction, the executive vice president now directly owns 21,364 shares of the company’s stock, valued at approximately $2,136,400. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,000 shares of company stock worth $1,290,000. 0.89% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on OC shares. Royal Bank of Canada increased their price target on Owens Corning from $96.00 to $111.00 in a research note on Thursday, April 27th. Loop Capital raised their target price on Owens Corning from $102.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, February 16th. Credit Suisse Group raised their target price on Owens Corning from $90.00 to $95.00 and gave the stock a “neutral” rating in a research note on Thursday, February 16th. Truist Financial raised their target price on Owens Corning from $85.00 to $105.00 in a research note on Friday, February 17th. Finally, Benchmark raised their target price on Owens Corning from $110.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, February 21st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $106.23.

Owens Corning Trading Down 0.7 %

NYSE OC opened at $105.02 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.86 and a debt-to-equity ratio of 0.62. Owens Corning has a twelve month low of $72.97 and a twelve month high of $108.67. The firm has a market capitalization of $9.46 billion, a PE ratio of 7.60, a P/E/G ratio of 1.80 and a beta of 1.41. The stock’s 50 day moving average is $97.83 and its 200 day moving average is $93.78.

Owens Corning (NYSE:OC – Get Rating) last released its earnings results on Wednesday, April 26th. The construction company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.22 by $0.55. Owens Corning had a return on equity of 26.06% and a net margin of 13.54%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the previous year, the company posted $2.84 earnings per share. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. Research analysts forecast that Owens Corning will post 10.25 earnings per share for the current fiscal year.

About Owens Corning

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Owens Corning engages in the development, manufacture, and marketing of insulation, roofing, and fiberglass composites. It operates through the following segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber, and includes vertically integrated downstream activities.

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

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