Kimelman & Baird LLC Has $22.06 Million Stock Position in Owens Corning Inc $OC

Kimelman & Baird LLC lowered its stake in shares of Owens Corning Inc (NYSE:OC) by 4.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 197,136 shares of the construction company’s stock after selling 9,180 shares during the quarter. Owens Corning accounts for approximately 1.7% of Kimelman & Baird LLC’s portfolio, making the stock its 23rd biggest position. Kimelman & Baird LLC’s holdings in Owens Corning were worth $22,062,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Pitcairn Co. increased its position in shares of Owens Corning by 4.6% during the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock worth $250,000 after acquiring an additional 80 shares in the last quarter. Archer Investment Corp increased its position in shares of Owens Corning by 13.3% during the third quarter. Archer Investment Corp now owns 748 shares of the construction company’s stock worth $106,000 after acquiring an additional 88 shares in the last quarter. Pallas Capital Advisors LLC grew its position in Owens Corning by 2.7% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock worth $447,000 after purchasing an additional 104 shares in the last quarter. Park Avenue Securities LLC grew its position in Owens Corning by 7.2% in the 3rd quarter. Park Avenue Securities LLC now owns 1,652 shares of the construction company’s stock worth $234,000 after purchasing an additional 111 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC grew its position in Owens Corning by 0.8% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 14,303 shares of the construction company’s stock worth $1,626,000 after purchasing an additional 117 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on OC. Wells Fargo & Company upped their price objective on shares of Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Royal Bank Of Canada upped their price objective on shares of Owens Corning from $134.00 to $148.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a research report on Friday, March 27th. UBS Group upped their price objective on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Finally, Barclays upped their price objective on shares of Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $144.82.

Insider Transactions at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the sale, the vice president directly owned 3,093 shares in the company, valued at $374,005.56. This represents a 38.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.92% of the stock is owned by corporate insiders.

Owens Corning Stock Performance

Shares of OC stock opened at $112.15 on Tuesday. The stock has a market capitalization of $9.03 billion, a P/E ratio of -16.97, a PEG ratio of 2.07 and a beta of 1.35. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The firm’s 50 day moving average is $113.81 and its 200 day moving average is $116.51. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The company had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.18 billion. During the same period in the prior year, the company posted $2.97 EPS. Owens Corning’s revenue was down 10.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Owens Corning Inc will post 9.53 earnings per share for the current year.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.