BNP Paribas Financial Markets Buys 119,566 Shares of Owens Corning Inc $OC

Key Points

• BNP Paribas Financial Markets increased its Owens Corning stake by 178.2% in the fourth quarter, buying 119,566 additional shares to hold 186,652 shares valued at about $20.9 million.
• Owens Corning’s latest quarterly results beat expectations, with earnings of $1.22 per share versus the $1.01 estimate and revenue of $2.27 billion versus the $2.18 billion forecast, though revenue fell 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; meanwhile, the shares were trading around $119.16, down about 1% on the day.

BNP Paribas Financial Markets raised its stake in Owens Corning Inc (NYSE:OC - Free Report) by 178.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,652 shares of the construction company's stock after purchasing an additional 119,566 shares during the period. BNP Paribas Financial Markets owned approximately 0.23% of Owens Corning worth $20,888,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Measured Wealth Private Client Group LLC bought a new stake in Owens Corning in the 3rd quarter valued at $42,000. 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 valued at $36,000 after purchasing an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Owens Corning in the 4th quarter valued at $37,000. Global Retirement Partners LLC boosted its holdings in Owens Corning by 1,173.3% in the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock valued at $43,000 after purchasing an additional 352 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Owens Corning during the 3rd quarter worth about $56,000. 88.40% of the stock is owned by institutional investors.

Insider Activity

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the firm's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider owned 15,848 shares in the company, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, 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 firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the sale, the vice president owned 3,093 shares of the company's stock, valued at $374,005.56. The trade was a 38.37% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.92% of the company's stock.

Owens Corning Trading Down 1.0%

OC opened at $119.16 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 stock has a market capitalization of $9.60 billion, a PE ratio of -18.03, a PEG ratio of 2.18 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. The firm has a 50-day moving average price of $117.38 and a two-hundred day moving average price of $117.17.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share 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 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 company's quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the company posted $2.97 EPS. As a group, equities analysts anticipate that Owens Corning Inc will post 9.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on OC shares. The Goldman Sachs Group raised their price objective on shares of Owens Corning from $125.00 to $141.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. 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 report on Monday, April 20th. Wells Fargo & Company raised their price objective on shares of Owens Corning from $135.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Evercore set a $139.00 price objective on shares of Owens Corning in a report on Thursday, May 7th. Finally, UBS Group raised their price objective on shares of Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. One investment 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 assigned a Sell rating to the company. According to MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.