Kingsview Wealth Management LLC Sells 64,622 Shares of Owens Corning Inc $OC

Kingsview Wealth Management LLC cut its position in Owens Corning Inc (NYSE:OC) by 92.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,098 shares of the construction company’s stock after selling 64,622 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Owens Corning were worth $571,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Employees Retirement System of Texas bought a new position in Owens Corning during the fourth quarter worth about $101,000. Harbour Investments Inc. boosted its holdings in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after buying an additional 129 shares during the period. Allstate Corp boosted its holdings in Owens Corning by 73.1% in the 4th quarter. Allstate Corp now owns 3,991 shares of the construction company’s stock worth $447,000 after buying an additional 1,685 shares during the period. New Age Alpha Advisors LLC grew its stake in Owens Corning by 203.1% in the 4th quarter. New Age Alpha Advisors LLC now owns 58,630 shares of the construction company’s stock valued at $6,561,000 after buying an additional 39,289 shares in the last quarter. Finally, Systematic Financial Management LP lifted its position in shares of Owens Corning by 10.8% during the fourth quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company’s stock worth $27,355,000 after acquiring an additional 23,873 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Insiders Place Their Bets

In related news, VP Mari Doerfler sold 1,926 shares of the business’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 completion of the sale, the vice president owned 3,093 shares in the company, valued at $374,005.56. The trade was a 38.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on OC shares. Wells Fargo & Company raised their target price on Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Barclays increased their price target on shares of Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Bank of America reduced 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 note on Monday, April 20th. 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 note on Thursday, February 26th. Finally, Truist Financial raised their price target on shares of Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $144.82.

Owens Corning Trading Down 2.0%

Shares of OC opened at $120.12 on Wednesday. The firm’s 50 day simple moving average is $116.21 and its 200 day simple moving average is $116.78. The company has a market capitalization 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. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.42.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.21. The business had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.97 EPS. Sell-side analysts forecast that Owens Corning Inc will post 9.53 earnings per share 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.