Eurizon Capital SGR S.p.A. Makes New $24.15 Million Investment in Owens Corning Inc $OC

Key Points

• Eurizon Capital SGR S.p.A. disclosed a new position in Owens Corning, buying 215,730 shares valued at about $24.15 million in the fourth quarter.
• Institutional ownership remains very high, with 88.40% of Owens Corning shares held by institutions; several other hedge funds also added or initiated stakes recently.
• Analyst sentiment is generally positive, with recent price-target increases from Barclays, Wells Fargo, and RBC, and the stock carrying a Moderate Buy consensus target of $144.82.

Eurizon Capital SGR S.p.A. purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 215,730 shares of the construction company's stock, valued at approximately $24,145,000. Eurizon Capital SGR S.p.A. owned approximately 0.26% of Owens Corning at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Harbour Investments Inc. raised its position in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after acquiring an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning during the 4th quarter worth about $37,000. Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning during the 3rd quarter worth about $42,000. Global Retirement Partners LLC raised its holdings in Owens Corning by 1,173.3% during the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock worth $43,000 after buying an additional 352 shares during the period. Finally, V Square Quantitative Management LLC acquired a new stake in Owens Corning during the 4th quarter worth about $49,000. 88.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OC has been the topic of several recent analyst reports. Barclays boosted their price objective on Owens Corning from $135.00 to $144.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. Bank of America cut their price objective on Owens Corning from $140.00 to $138.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Wells Fargo & Company boosted 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. Finally, Royal Bank Of Canada boosted 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. One equities 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $144.82.

Insider Activity at Owens Corning

In related 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 value of $232,891.92. Following the completion of the sale, the vice president owned 3,093 shares of the company's stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction that occurred on 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 directly owned 15,848 shares of the company's stock, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company's stock.

Owens Corning Price Performance

Shares of OC opened at $126.07 on Friday. The company has a market capitalization of $10.15 billion, a price-to-earnings ratio of -19.07, a P/E/G ratio of 2.28 and a beta of 1.35. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.42. 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 moving average is $115.82 and its 200-day moving average is $116.55.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.01 by $0.21. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm's quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.97 EPS. Equities research analysts expect that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

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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