Penn Capital Management Co. Inc. cut its stake in Owens Corning (NYSE:OC) by 24.0% in the fourth quarter, Holdings Channel reports. The fund owned 15,699 shares of the construction company’s stock after selling 4,956 shares during the period. Penn Capital Management Co. Inc.’s holdings in Owens Corning were worth $1,468,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. UBS Asset Management Americas Inc. increased its stake in shares of Owens Corning by 169.7% in the 4th quarter. UBS Asset Management Americas Inc. now owns 301,608 shares of the construction company’s stock valued at $27,730,000 after acquiring an additional 189,797 shares during the last quarter. BlackRock Inc. increased its stake in Owens Corning by 20.9% during the 4th quarter. BlackRock Inc. now owns 7,357,067 shares of the construction company’s stock worth $676,411,000 after purchasing an additional 1,273,051 shares in the last quarter. Rhumbline Advisers increased its stake in Owens Corning by 0.7% during the 4th quarter. Rhumbline Advisers now owns 117,667 shares of the construction company’s stock worth $10,818,000 after purchasing an additional 851 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Owens Corning by 280.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 19,018 shares of the construction company’s stock worth $1,750,000 after purchasing an additional 14,019 shares in the last quarter. Finally, Shell Asset Management Co. bought a new stake in Owens Corning during the 4th quarter worth approximately $4,720,000. 93.65% of the stock is owned by institutional investors.
Shares of Owens Corning (OC) opened at $87.44 on Tuesday. The company has a market capitalization of $9,730.00, a P/E ratio of 26.10, a PEG ratio of 1.05 and a beta of 0.98. The company has a quick ratio of 0.99, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Owens Corning has a twelve month low of $57.11 and a twelve month high of $96.52.
A number of equities analysts have weighed in on the company. Zacks Investment Research raised Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Saturday, January 6th. Bank of America upped their price target on Owens Corning from $84.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, November 17th. Credit Suisse Group upped their price target on Owens Corning from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Friday, November 17th. Royal Bank of Canada raised Owens Corning from an “outperform” rating to a “top pick” rating in a research report on Monday, December 4th. Finally, Argus assumed coverage on Owens Corning in a research report on Wednesday, December 6th. They set a “buy” rating and a $109.00 price target for the company. Nine analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $86.24.
In other Owens Corning news, CFO Michael C. Mcmurray sold 18,000 shares of the stock in a transaction on Monday, December 4th. The stock was sold at an average price of $90.78, for a total transaction of $1,634,040.00. Following the transaction, the chief financial officer now owns 52,228 shares in the company, valued at approximately $4,741,257.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John David Williams sold 3,684 shares of the stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $88.64, for a total value of $326,549.76. Following the transaction, the director now owns 24,762 shares in the company, valued at approximately $2,194,903.68. The disclosure for this sale can be found here. In the last three months, insiders sold 25,820 shares of company stock valued at $2,321,249. 1.80% of the stock is currently owned by insiders.
Owens Corning Company Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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