Geode Capital Management LLC Decreases Stake in Owens Corning Inc $OC

Geode Capital Management LLC lessened its stake in Owens Corning Inc (NYSE:OC) by 1.3% in the fourth quarter, Holdings Channel reports. The fund owned 1,736,263 shares of the construction company’s stock after selling 23,616 shares during the quarter. Geode Capital Management LLC’s holdings in Owens Corning were worth $200,270,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Harbour Investments Inc. boosted its holdings in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after acquiring an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Owens Corning in the 4th quarter worth approximately $37,000. Measured Wealth Private Client Group LLC purchased a new position in Owens Corning in the 3rd quarter worth approximately $42,000. Global Retirement Partners LLC boosted its holdings in Owens Corning by 1,173.3% in the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock worth $43,000 after acquiring an additional 352 shares during the period. Finally, V Square Quantitative Management LLC purchased a new position in Owens Corning in the 4th quarter worth approximately $49,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

Owens Corning stock opened at $120.12 on Wednesday. The stock has a market cap of $9.67 billion, a P/E ratio of -18.17, a price-to-earnings-growth ratio of 2.22 and a beta of 1.34. 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 stock has a 50 day moving average of $116.21 and a 200-day moving average of $116.78. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.42.

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

Analyst Ratings Changes

OC has been the subject of a number of analyst reports. Evercore set a $139.00 price target on Owens Corning in a report on Thursday, May 7th. Weiss Ratings cut Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 18th. Wells Fargo & Company upped their price target on Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Royal Bank Of Canada upped their price target on Owens Corning from $134.00 to $148.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Finally, Truist Financial upped their price target on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $144.82.

Insider Activity at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the sale, the vice president directly owned 3,093 shares of the company’s stock, valued at approximately $374,005.56. This represents a 38.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the sale, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Owens Corning Profile

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.