Bank of New York Mellon Corp Decreases Position in Owens Corning Inc $OC

Key Points

• Bank of New York Mellon cut its stake in Owens Corning by 20.6% in the fourth quarter, selling 161,464 shares and ending with 621,740 shares worth about $69.6 million.
• Owens Corning reported stronger-than-expected Q1 results, with earnings of $1.22 per share versus the $1.01 consensus and revenue of $2.27 billion, though sales were still down 10.5% year over year.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $144.82; several firms recently raised targets, including Wells Fargo, UBS, and Barclays.

Bank of New York Mellon Corp lessened its position in Owens Corning Inc (NYSE:OC - Free Report) by 20.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 621,740 shares of the construction company's stock after selling 161,464 shares during the period. Bank of New York Mellon Corp owned 0.76% of Owens Corning worth $69,579,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in OC. JPMorgan Chase & Co. increased its stake in shares of Owens Corning by 99.4% during the third quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company's stock valued at $128,917,000 after purchasing an additional 454,382 shares in the last quarter. Caprock Group LLC bought a new position in shares of Owens Corning during the third quarter valued at approximately $1,742,000. Dimensional Fund Advisors LP increased its position in shares of Owens Corning by 6.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company's stock valued at $273,101,000 after acquiring an additional 110,452 shares in the last quarter. Boothbay Fund Management LLC increased its position in shares of Owens Corning by 130.5% during the third quarter. Boothbay Fund Management LLC now owns 81,295 shares of the construction company's stock valued at $11,500,000 after acquiring an additional 46,022 shares in the last quarter. Finally, Banque Pictet & Cie SA increased its position in shares of Owens Corning by 5.0% during the fourth quarter. Banque Pictet & Cie SA now owns 412,579 shares of the construction company's stock valued at $46,172,000 after acquiring an additional 19,553 shares in the last quarter. Institutional investors own 88.40% of the company's stock.

Insiders Place Their Bets

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the company's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares in the company, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, the vice president owned 3,093 shares of the company's stock, valued at $374,005.56. This trade represents a 38.37% decrease in their position. The SEC filing for this sale provides additional information. 0.92% of the stock is currently owned by corporate insiders.

Owens Corning Stock Performance

Shares of NYSE OC opened at $123.17 on Wednesday. The firm has a fifty day moving average price of $117.99 and a 200-day moving average price of $117.61. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. The stock has a market cap of $9.92 billion, a PE ratio of -18.63, a price-to-earnings-growth ratio of 2.16 and a beta of 1.34. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on OC. Wells Fargo & Company boosted their target price on shares of Owens Corning from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. UBS Group boosted their target price on shares of Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. Barclays boosted their target price on shares of Owens Corning from $135.00 to $144.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Zacks Research upgraded shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Truist Financial upped their target price 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 investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Owens Corning has a consensus rating of "Moderate Buy" and a consensus target price of $144.82.

Owens Corning Company 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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