Arrowstreet Capital Limited Partnership Increases Stock Holdings in Owens Corning Inc $OC

Arrowstreet Capital Limited Partnership grew its position in Owens Corning Inc (NYSE:OC) by 460.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,313,019 shares of the construction company’s stock after purchasing an additional 1,078,877 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Owens Corning were worth $146,940,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Atlas Capital Advisors Inc. purchased a new position in shares of Owens Corning in the fourth quarter valued at $193,000. Aptus Capital Advisors LLC increased its position in Owens Corning by 0.4% during the 4th quarter. Aptus Capital Advisors LLC now owns 85,898 shares of the construction company’s stock worth $9,613,000 after purchasing an additional 315 shares in the last quarter. Meixler Investment Management Ltd. increased its position in Owens Corning by 15.0% during the 4th quarter. Meixler Investment Management Ltd. now owns 2,422 shares of the construction company’s stock worth $271,000 after purchasing an additional 315 shares in the last quarter. Altus Wealth Group LLC purchased a new stake in Owens Corning during the 4th quarter worth about $283,000. Finally, Callodine Capital Management LP grew its holdings in Owens Corning by 88.0% in the 4th quarter. Callodine Capital Management LP now owns 231,168 shares of the construction company’s stock valued at $25,870,000 after buying an additional 108,238 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Activity at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the sale, the vice president directly 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning 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 sale, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. 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. 0.92% of the stock is owned by insiders.

Owens Corning Stock Performance

Owens Corning stock opened at $123.22 on Tuesday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.42. The stock’s 50 day moving average price is $119.10 and its 200 day moving average price is $118.06. The firm has a market capitalization of $9.92 billion, a PE ratio of -18.64, a price-to-earnings-growth ratio of 2.20 and a beta of 1.34.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $2.18 billion. During the same period in the previous year, the business earned $2.97 EPS. Owens Corning’s revenue for the quarter was down 10.5% compared to the same quarter last year. As a group, sell-side analysts expect that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

Analysts Set New Price Targets

OC has been the subject of several recent analyst reports. Weiss Ratings cut Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 18th. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Bank of America reduced their price objective on Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. JPMorgan Chase & Co. lifted their price objective on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, Royal Bank Of Canada lifted their price objective on Owens Corning from $134.00 to $148.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.