Owens Corning (NYSE:OC) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

Posted by Defense World Staff on Jun 4th, 2023

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its stake in shares of Owens Corning (NYSE:OC – Get Rating) by 12.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,545 shares of the construction company’s stock after selling 1,176 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Owens Corning were worth $729,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tobam acquired a new stake in shares of Owens Corning in the fourth quarter valued at approximately $31,000. Belpointe Asset Management LLC purchased a new stake in shares of Owens Corning in the 4th quarter valued at about $33,000. Brown Brothers Harriman & Co. purchased a new stake in shares of Owens Corning in the 4th quarter valued at about $36,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Owens Corning in the 4th quarter valued at about $41,000. Finally, Fifth Third Bancorp increased its position in Owens Corning by 42.3% in the 4th quarter. Fifth Third Bancorp now owns 552 shares of the construction company’s stock valued at $47,000 after acquiring an additional 164 shares during the period. 94.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on OC shares. Deutsche Bank Aktiengesellschaft boosted their target price on Owens Corning from $102.00 to $110.00 in a research report on Monday, May 1st. Citigroup increased their price target on Owens Corning from $90.00 to $104.00 and gave the stock a “neutral” rating in a research note on Friday, February 17th. UBS Group upped their price objective on Owens Corning from $121.00 to $128.00 and gave the stock a “buy” rating in a report on Thursday, February 16th. Royal Bank of Canada increased their price target on Owens Corning from $96.00 to $111.00 in a report on Thursday, April 27th. Finally, Credit Suisse Group increased their price target on Owens Corning from $90.00 to $95.00 and gave the company a “neutral” rating in a report on Thursday, February 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $107.92.

Owens Corning Price Performance

OC opened at $113.52 on Friday. Owens Corning has a one year low of $72.97 and a one year high of $113.82. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.86 and a quick ratio of 1.17. The company’s 50 day simple moving average is $102.58 and its 200-day simple moving average is $96.34. The stock has a market capitalization of $10.23 billion, a P/E ratio of 8.21, a price-to-earnings-growth ratio of 1.90 and a beta of 1.42.

Owens Corning (NYSE:OC – Get Rating) last posted its earnings results on Wednesday, April 26th. The construction company reported $2.77 earnings per share for the quarter, topping the consensus estimate of $2.22 by $0.55. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.22 billion. Owens Corning had a net margin of 13.54% and a return on equity of 26.06%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period last year, the business posted $2.84 earnings per share. Sell-side analysts anticipate that Owens Corning will post 10.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Paula Russell sold 2,000 shares of the firm’s stock in a transaction on Friday, March 31st. The shares were sold at an average price of $95.00, for a total value of $190,000.00. Following the completion of the transaction, the executive vice president now owns 24,342 shares of the company’s stock, valued at $2,312,490. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Marcio A. Sandri sold 8,000 shares of Owens Corning stock in a transaction dated Tuesday, April 18th. The shares were sold at an average price of $100.00, for a total transaction of $800,000.00. Following the completion of the sale, the insider now owns 62,962 shares of the company’s stock, valued at approximately $6,296,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Paula Russell sold 2,000 shares of Owens Corning stock in a transaction dated Friday, March 31st. The stock was sold at an average price of $95.00, for a total transaction of $190,000.00. Following the completion of the sale, the executive vice president now owns 24,342 shares of the company’s stock, valued at approximately $2,312,490. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock worth $1,290,000 over the last ninety days. Company insiders own 0.89% of the company’s stock.

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.