ABN AMRO Bank N.V. Sells 141,489 Shares of Owens Corning Inc $OC

Key Points

• ABN AMRO Bank N.V. cut its Owens Corning stake by 55.8% in the fourth quarter, selling 141,489 shares and leaving it with 112,156 shares valued at about $12.5 million.
• Owens Corning reported better-than-expected quarterly earnings of $1.22 per share on revenue of $2.27 billion, though revenue still fell 10.5% year over year and the company posted a negative net margin.
• Wall Street sentiment remains mixed but constructive, with the stock carrying a Moderate Buy consensus and a $144 average price target after recent analyst target changes and upgrades.

ABN AMRO Bank N.V. lowered its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 55.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 112,156 shares of the construction company's stock after selling 141,489 shares during the quarter. ABN AMRO Bank N.V. owned about 0.14% of Owens Corning worth $12,508,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of OC. Geneos Wealth Management Inc. boosted its position in Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock valued at $69,000 after acquiring an additional 184 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Owens Corning during the second quarter valued at about $277,000. EverSource Wealth Advisors LLC raised its holdings in shares of Owens Corning by 1,433.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company's stock valued at $175,000 after purchasing an additional 1,190 shares during the period. Cerity Partners LLC raised its holdings in shares of Owens Corning by 294.3% during the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company's stock valued at $2,389,000 after purchasing an additional 12,966 shares during the period. Finally, Bank of Nova Scotia raised its holdings in shares of Owens Corning by 12.2% during 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 own 88.40% of the company's stock.

Owens Corning Trading Down 0.1%

NYSE:OC opened at $121.50 on Monday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The firm has a market cap of $9.78 billion, a price-to-earnings ratio of -18.38, a price-to-earnings-growth ratio of 2.14 and a beta of 1.35. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.42. The firm has a 50-day moving average price of $113.83 and a two-hundred day moving average price of $117.00.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.01 by $0.21. The firm had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The company's revenue for the quarter was down 10.5% on a year-over-year basis. During the same quarter last year, the business posted $2.97 EPS. On average, equities analysts expect that Owens Corning Inc will post 9.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Truist Financial upped their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the company a "hold" rating in a report on Thursday. Argus upgraded shares of Owens Corning to a "strong-buy" rating in a report on Wednesday, January 14th. Evercore set a $139.00 price objective on shares of Owens Corning in a report on Thursday. Barclays dropped their price objective on shares of Owens Corning from $138.00 to $135.00 and set an "overweight" rating on the stock in a report on Wednesday, April 8th. Finally, UBS Group upped their price objective on shares of Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a report on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and a consensus price target of $144.00.

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.

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