Truist Financial Corp Decreases Holdings in Owens Corning Inc $OC

Truist Financial Corp lessened its stake in shares of Owens Corning Inc (NYSE:OC) by 34.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,644 shares of the construction company’s stock after selling 5,059 shares during the period. Truist Financial Corp’s holdings in Owens Corning were worth $1,079,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new stake in Owens Corning during the third quarter worth about $39,000. Measured Wealth Private Client Group LLC purchased a new stake in Owens Corning during the third quarter worth about $42,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Owens Corning during the fourth quarter worth about $37,000. Caitong International Asset Management Co. Ltd purchased a new stake in Owens Corning during the third quarter worth about $56,000. Finally, Whittier Trust Co. purchased a new stake in Owens Corning during the third quarter worth about $56,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

OC stock opened at $114.19 on Friday. The firm has a 50 day moving average of $113.80 and a 200-day moving average of $116.69. 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 Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The firm has a market capitalization of $9.20 billion, a P/E ratio of -17.28, a price-to-earnings-growth ratio of 2.07 and a beta of 1.35.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating 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 business earned $2.97 earnings per share. Owens Corning’s revenue was down 10.5% compared to the same quarter last year. As a group, sell-side analysts predict that Owens Corning Inc will post 9.53 earnings per share for the current fiscal year.

Insider Activity at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of the firm’s stock in a transaction that occurred 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 directly owned 3,093 shares in the company, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of research reports. UBS Group increased their target price on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Truist Financial increased their target price on shares of Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, May 7th. Royal Bank Of Canada increased 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. Barclays increased their target price on shares of Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Owens Corning has a consensus rating of “Moderate Buy” and an average price target of $144.82.

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.