Catalyst Funds Management Pty Ltd Takes Position in Owens Corning Inc $OC

Key Points

• Catalyst Funds Management opened a new position in Owens Corning in Q4, buying 10,737 shares worth about $1.2 million. Other institutional investors also boosted holdings, and hedge funds and other institutions now own 88.40% of the stock.
• Owens Corning reported better-than-expected quarterly results, posting $1.22 EPS versus the $1.01 estimate and revenue of $2.27 billion versus $2.18 billion expected. However, revenue still fell 10.5% year over year.
• Analysts remain broadly positive on OC: several firms raised price targets, and the stock has a Moderate Buy consensus rating with an average price target of $144.82. Meanwhile, an insider sold shares in May, and the stock recently traded near $117.53.

Catalyst Funds Management Pty Ltd bought a new stake in shares of Owens Corning Inc (NYSE:OC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 10,737 shares of the construction company's stock, valued at approximately $1,202,000.

Other large investors have also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC increased its holdings in Owens Corning by 231.4% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 48,843 shares of the construction company's stock worth $6,909,000 after acquiring an additional 34,106 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Owens Corning by 99.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company's stock worth $128,917,000 after acquiring an additional 454,382 shares during the last quarter. Caprock Group LLC purchased a new stake in Owens Corning in the 3rd quarter worth about $1,742,000. National Pension Service increased its holdings in Owens Corning by 25.5% in the 3rd quarter. National Pension Service now owns 95,495 shares of the construction company's stock worth $13,509,000 after acquiring an additional 19,375 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in Owens Corning by 46.0% in the 3rd quarter. Federated Hermes Inc. now owns 137,432 shares of the construction company's stock worth $19,441,000 after acquiring an additional 43,320 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $117.53 on Friday. 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 business's 50 day simple moving average is $114.29 and its two-hundred day simple moving average is $116.24. The stock has a market capitalization of $9.46 billion, a P/E ratio of -17.78, a price-to-earnings-growth ratio of 2.13 and a beta of 1.35. Owens Corning Inc has a one year low of $97.53 and a one year 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 EPS 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 previous year, the firm earned $2.97 EPS. The business's quarterly revenue was down 10.5% on a year-over-year basis. Analysts forecast that Owens Corning Inc will post 9.53 EPS for the current year.

Insider Activity

In other news, VP Mari Doerfler sold 1,926 shares of the business'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 transaction of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares of the company's stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.92% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on OC. The Goldman Sachs Group lifted their price objective on Owens Corning from $125.00 to $141.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Royal Bank Of Canada lifted their price objective on Owens Corning from $134.00 to $148.00 and gave the stock an "outperform" rating in a report on Thursday, May 7th. Wells Fargo & Company lifted their price objective on Owens Corning from $135.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price objective on Owens Corning from $115.00 to $121.00 and gave the stock a "neutral" rating in a report on Friday, May 8th. Finally, Weiss Ratings lowered Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus 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.

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