ABN Amro Investment Solutions Lowers Stake in Owens Corning Inc $OC

Key Points

• ABN Amro Investment Solutions cut its Owens Corning stake by 78.6% in the fourth quarter, leaving it with 27,369 shares worth about $3.06 million.
• Owens Corning reported better-than-expected quarterly earnings of $1.22 per share versus the $1.01 consensus, while revenue of $2.27 billion also topped estimates.
• Analysts remain largely positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $144.82; meanwhile, insider VP Mari Doerfler sold 1,926 shares in May.

ABN Amro Investment Solutions decreased its stake in Owens Corning Inc (NYSE:OC - Free Report) by 78.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,369 shares of the construction company's stock after selling 100,297 shares during the period. ABN Amro Investment Solutions' holdings in Owens Corning were worth $3,063,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Pitcairn Co. boosted its position in shares of Owens Corning by 4.6% in the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock worth $250,000 after buying an additional 80 shares during the period. Archer Investment Corp boosted its position in shares of Owens Corning by 13.3% in the third quarter. Archer Investment Corp now owns 748 shares of the construction company's stock worth $106,000 after buying an additional 88 shares during the period. Pallas Capital Advisors LLC boosted its position in shares of Owens Corning by 2.7% in the fourth quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company's stock worth $447,000 after buying an additional 104 shares during the period. NorthCrest Asset Manangement LLC boosted its position in shares of Owens Corning by 0.8% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 14,303 shares of the construction company's stock worth $1,626,000 after buying an additional 117 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Owens Corning by 4.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,589 shares of the construction company's stock worth $366,000 after buying an additional 121 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Up 1.3%

Shares of Owens Corning stock opened at $117.53 on Friday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The business's 50 day simple moving average is $114.29 and its 200-day simple moving average is $116.24. The stock has a market capitalization of $9.46 billion, a price-to-earnings ratio of -17.78, a PEG ratio of 2.11 and a beta of 1.35. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.42.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping 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 business had revenue of $2.27 billion for the quarter, compared to analysts' expectations of $2.18 billion. During the same period in the prior year, the firm earned $2.97 EPS. The business's quarterly revenue was down 10.5% on a year-over-year basis. Equities research analysts forecast that Owens Corning Inc will post 9.53 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Truist Financial upped their target price on Owens Corning from $120.00 to $125.00 and gave the stock a "hold" rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price target on Owens Corning from $115.00 to $121.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. UBS Group boosted their price target on Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Bank of America cut their price target 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. Finally, Barclays boosted their price target on Owens Corning from $135.00 to $144.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. One investment 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.82.

Insider Buying and Selling

In related news, VP Mari Doerfler sold 1,926 shares of the firm'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 sale, the vice president directly owned 3,093 shares in the company, valued at $374,005.56. This trade represents a 38.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

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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