Costello Asset Management INC Sells 12,865 Shares of Owens Corning Inc $OC

Key Points

• Costello Asset Management sharply reduced its Owens Corning position in the fourth quarter, selling 12,865 shares and cutting its stake by 85.4% to 2,200 shares worth about $246,000.
• Owens Corning reported better-than-expected Q1 earnings, posting EPS of $1.22 versus the $1.01 estimate and revenue of $2.27 billion versus $2.18 billion expected, though revenue still fell 10.5% year over year.
• Wall Street sentiment is mixed but constructive, with analysts assigning Owens Corning a Moderate Buy consensus rating and an average price target of $144, above the stock’s Friday opening price of $121.50.

Costello Asset Management INC cut its stake in Owens Corning Inc (NYSE:OC - Free Report) by 85.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,200 shares of the construction company's stock after selling 12,865 shares during the period. Costello Asset Management INC's holdings in Owens Corning were worth $246,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in OC. Pitcairn Co. boosted its stake in shares of Owens Corning by 4.6% in the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock valued at $250,000 after purchasing an additional 80 shares during the last quarter. Archer Investment Corp grew its holdings in Owens Corning by 13.3% during the 3rd quarter. Archer Investment Corp now owns 748 shares of the construction company's stock worth $106,000 after acquiring an additional 88 shares during the period. Pallas Capital Advisors LLC grew its holdings in Owens Corning by 2.7% during the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company's stock worth $447,000 after acquiring an additional 104 shares during the period. Park Avenue Securities LLC raised its position in shares of Owens Corning by 7.2% in the 3rd quarter. Park Avenue Securities LLC now owns 1,652 shares of the construction company's stock worth $234,000 after acquiring an additional 111 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC lifted its stake in shares of Owens Corning by 0.8% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 14,303 shares of the construction company's stock valued at $1,626,000 after purchasing an additional 117 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of NYSE:OC opened at $121.50 on Friday. The company has a current ratio of 1.24, a quick ratio of 0.70 and a debt-to-equity ratio of 1.27. The stock has a market cap of $9.78 billion, a PE ratio of -18.38, a price-to-earnings-growth ratio of 2.07 and a beta of 1.35. The stock's fifty day simple moving average is $113.83 and its two-hundred day simple moving average is $117.00. 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 posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping 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 business's revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.97 EPS. As a group, analysts forecast that Owens Corning Inc will post 9.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

OC has been the subject of several recent analyst reports. Zacks Research raised Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. Weiss Ratings reissued a "sell (d+)" rating on shares of Owens Corning in a research note on Friday, March 27th. Evercore set a $139.00 price objective on shares of Owens Corning in a research report on Thursday. Argus upgraded shares of Owens Corning to a "strong-buy" rating in a research note on Wednesday, January 14th. Finally, Royal Bank Of Canada boosted their target price on shares of Owens Corning from $134.00 to $148.00 and gave the company an "outperform" rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

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.