Guinness Asset Management LTD Buys 12,573 Shares of Owens Corning Inc $OC

Key Points

• Guinness Asset Management LTD increased its Owens Corning stake by 24.9% in the fourth quarter, buying 12,573 additional shares and bringing its total holding to 63,039 shares worth about $7.12 million.
• Institutional ownership remains high, with major investors like Vanguard, State Street, and Davis Selected Advisers also adding to their positions; institutions now hold 88.4% of Owens Corning shares.
• Owens Corning reported better-than-expected quarterly earnings of $1.22 per share versus estimates of $1.01, while revenue came in at $2.27 billion, above forecasts but down 10.5% year over year.

Guinness Asset Management LTD raised its stake in Owens Corning Inc (NYSE:OC - Free Report) by 24.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 63,039 shares of the construction company's stock after buying an additional 12,573 shares during the period. Guinness Asset Management LTD owned about 0.08% of Owens Corning worth $7,120,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Owens Corning by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock valued at $1,092,883,000 after buying an additional 84,096 shares during the last quarter. State Street Corp grew its position in shares of Owens Corning by 2.3% in the 3rd quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock valued at $514,205,000 after buying an additional 81,133 shares during the last quarter. Davis Selected Advisers grew its position in shares of Owens Corning by 15.1% in the 4th quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company's stock valued at $229,035,000 after buying an additional 269,216 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Owens Corning by 6.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company's stock valued at $273,101,000 after buying an additional 110,452 shares during the last quarter. Finally, LSV Asset Management grew its position in shares of Owens Corning by 1.0% in the 4th quarter. LSV Asset Management now owns 1,463,671 shares of the construction company's stock valued at $163,799,000 after buying an additional 14,109 shares during the last quarter. Institutional investors own 88.40% of the company's stock.

Insiders Place Their Bets

In related news, VP Mari Doerfler sold 1,926 shares of the company'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. This represents a 38.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.92% of the company's stock.

Owens Corning Stock Up 1.3%

Shares of Owens Corning stock opened at $117.53 on Friday. Owens Corning Inc has a one year low of $97.53 and a one year 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 stock's 50-day moving average is $114.29 and its 200 day moving average is $116.24. The firm has a market cap of $9.46 billion, a price-to-earnings ratio of -17.78, a PEG ratio of 2.11 and a beta of 1.35.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate 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 company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same quarter in the prior year, the company earned $2.97 EPS. The firm's revenue for the quarter was down 10.5% compared to the same quarter last year. Equities research analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current year.

Wall Street Analyst Weigh In

OC has been the topic of a number of analyst reports. Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. The Goldman Sachs Group upped their target price on Owens Corning from $125.00 to $141.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. Weiss Ratings lowered Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday. UBS Group upped their target price on Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Finally, JPMorgan Chase & Co. upped their target price on Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. One 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $144.82.

About Owens Corning

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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