Legal & General Group Plc Decreases Stock Holdings in Owens Corning Inc $OC

Legal & General Group Plc lowered its position in Owens Corning Inc (NYSE:OC) by 52.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 133,201 shares of the construction company’s stock after selling 148,320 shares during the quarter. Legal & General Group Plc’s holdings in Owens Corning were worth $14,907,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Clean Energy Transition LLP acquired a new stake in Owens Corning in the third quarter valued at approximately $75,203,000. JPMorgan Chase & Co. increased its position in Owens Corning by 99.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company’s stock valued at $128,917,000 after buying an additional 454,382 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Owens Corning by 65.9% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,136,787 shares of the construction company’s stock valued at $160,810,000 after buying an additional 451,547 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Owens Corning by 70.9% in the second quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company’s stock worth $132,102,000 after acquiring an additional 398,440 shares in the last quarter. Finally, Davis Selected Advisers grew its stake in shares of Owens Corning by 15.1% during the fourth quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company’s stock worth $229,035,000 after acquiring an additional 269,216 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

OC has been the subject of several research analyst reports. Bank of America decreased their price objective on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Royal Bank Of Canada boosted their target price 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. UBS Group raised their price target on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Wells Fargo & Company lifted their price objective on shares of Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings lowered shares of Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $144.82.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the stock in a transaction dated 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 trade represents a 38.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. The trade was a 4.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Owens Corning Price Performance

Shares of NYSE OC opened at $120.12 on Wednesday. The business’s 50 day moving average price is $116.21 and its 200 day moving average price is $116.78. The firm has a market cap of $9.67 billion, a P/E ratio of -18.17, a P/E/G ratio of 2.22 and a beta of 1.34. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.42. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $2.18 billion. During the same period last year, the firm posted $2.97 EPS. Owens Corning’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, sell-side analysts expect that Owens Corning Inc will post 9.53 earnings per share for the current year.

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.