Norges Bank Invests $119.75 Million in Owens Corning Inc $OC

Norges Bank acquired a new stake in shares of Owens Corning Inc (NYSE:OC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,070,035 shares of the construction company’s stock, valued at approximately $119,748,000. Norges Bank owned about 1.30% of Owens Corning at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Clean Energy Transition LLP acquired a new position in shares of Owens Corning in the third quarter valued at about $75,203,000. JPMorgan Chase & Co. lifted its holdings in shares of Owens Corning by 99.4% during the third quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company’s stock worth $128,917,000 after purchasing an additional 454,382 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position 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 position 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 valued at $132,102,000 after buying an additional 398,440 shares during the last quarter. Finally, Davis Selected Advisers increased its holdings in Owens Corning by 15.1% in the 4th quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company’s stock worth $229,035,000 after buying an additional 269,216 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

OC has been the subject of several research reports. Weiss Ratings cut shares of Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 18th. The Goldman Sachs Group increased their price objective on shares of Owens Corning from $125.00 to $141.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their target price on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Barclays boosted their target price on shares of Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Finally, Bank of America cut their price target on Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $144.82.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction 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 completion of the transaction, the vice president owned 3,093 shares of the company’s stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. This trade represents 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. 0.92% of the stock is currently owned by company insiders.

Owens Corning Trading Up 0.2%

Owens Corning stock opened at $120.41 on Friday. The firm has a market cap of $9.70 billion, a PE ratio of -18.22, a P/E/G ratio of 2.18 and a beta of 1.34. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The stock’s 50 day simple moving average is $117.15 and its two-hundred day simple moving average is $117.16. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same period in the previous year, the firm earned $2.97 EPS. The business’s quarterly revenue was down 10.5% on a year-over-year basis. Analysts anticipate 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.