VIRGINIA RETIREMENT SYSTEMS ET Al Lowers Holdings in Owens Corning Inc $OC

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its position in Owens Corning Inc (NYSE:OC) by 16.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 351,500 shares of the construction company’s stock after selling 71,485 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Owens Corning were worth $39,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Geneos Wealth Management Inc. raised its stake in shares of Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after buying an additional 184 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Owens Corning during the 2nd quarter worth about $277,000. EverSource Wealth Advisors LLC increased its position in Owens Corning by 1,433.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock worth $175,000 after purchasing an additional 1,190 shares in the last quarter. Cerity Partners LLC increased its stake in shares of Owens Corning by 294.3% during the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock valued at $2,389,000 after acquiring an additional 12,966 shares during the last quarter. Finally, Bank of Nova Scotia grew its holdings in Owens Corning by 12.2% in the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock valued at $421,000 after purchasing an additional 333 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insider Activity

In other Owens Corning 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 value of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares of the company’s stock, valued at $374,005.56. This represents a 38.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.92% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. 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 report on Monday. Bank of America decreased their target price on Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a report on Monday, April 20th. The Goldman Sachs Group boosted their target price on Owens Corning from $125.00 to $141.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Royal Bank Of Canada boosted their target price on Owens Corning from $134.00 to $148.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Finally, Wells Fargo & Company boosted their target price on Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.82.

Owens Corning Stock Performance

Shares of OC opened at $119.75 on Wednesday. The business’s 50 day moving average is $113.69 and its two-hundred day moving average is $116.83. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42. The firm has a market cap of $9.64 billion, a price-to-earnings ratio of -18.12, a PEG ratio of 2.27 and a beta of 1.35. 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 announced its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the prior year, the company posted $2.97 EPS. Owens Corning’s quarterly revenue was down 10.5% on a year-over-year basis. Analysts forecast that Owens Corning Inc will post 9.12 EPS for the current fiscal 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.