Geode Capital Management LLC Decreases Stake in Owens Corning Inc $OC

Key Points

• Geode Capital Management trimmed its Owens Corning stake by 1.3% in the fourth quarter, selling 23,616 shares and ending with 1,736,263 shares valued at about $200.3 million.
• Owens Corning shares were down 2.0% to $120.12, while the stock remains well below its 12-month high of $159.42 and above its low of $97.53.
• The company recently beat earnings expectations with $1.22 EPS on revenue of $2.27 billion, and analysts currently rate the stock a Moderate Buy with a consensus target price of $144.82.

Geode Capital Management LLC reduced its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 1.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,736,263 shares of the construction company's stock after selling 23,616 shares during the period. Geode Capital Management LLC owned approximately 2.11% of Owens Corning worth $200,270,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Pitcairn Co. boosted its position 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 worth $250,000 after buying an additional 80 shares in the last quarter. Pallas Capital Advisors LLC boosted its position in shares of Owens Corning by 2.7% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company's stock worth $447,000 after buying an additional 104 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its position 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 worth $1,626,000 after buying an additional 117 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Owens Corning by 4.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,589 shares of the construction company's stock worth $366,000 after buying an additional 121 shares in the last quarter. Finally, Harbour Investments Inc. boosted its position in shares of Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after buying an additional 129 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Trading Down 2.0%

NYSE OC opened at $120.12 on Wednesday. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The company has a 50-day moving average of $116.21 and a 200-day moving average of $116.78. 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 company has a market cap of $9.67 billion, a P/E ratio of -18.17, a P/E/G ratio of 2.22 and a beta of 1.34.

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

Insider Transactions at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of the business's stock in a transaction dated Friday, May 8th. The stock was 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 in the company, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the sale, the insider owned 15,848 shares of the company's stock, valued at $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. 0.92% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on OC shares. Barclays boosted their price objective on shares of Owens Corning from $135.00 to $144.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. Evercore set a $139.00 target price on shares of Owens Corning in a research note on Thursday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. The Goldman Sachs Group boosted their target price on shares of Owens Corning from $125.00 to $141.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Finally, 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. 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's stock. According to MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and a consensus target price of $144.82.

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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