Handelsbanken Fonder AB Grows Stock Position in Owens Corning Inc $OC

Key Points

• Handelsbanken Fonder AB more than doubled its stake in Owens Corning during the fourth quarter, adding 72,597 shares to bring its total to 141,416 shares worth about $15.8 million.
• Owens Corning reported better-than-expected quarterly earnings, posting $1.22 EPS versus $1.01 expected and revenue of $2.27 billion, though sales were still down 10.5% year over year.
• Wall Street sentiment remains constructive, with several analysts raising price targets and MarketBeat showing a consensus rating of “Moderate Buy” and an average target price of $144.82.

Handelsbanken Fonder AB raised its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 105.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 141,416 shares of the construction company's stock after buying an additional 72,597 shares during the period. Handelsbanken Fonder AB owned about 0.17% of Owens Corning worth $15,826,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Ashton Thomas Private Wealth LLC raised its stake in shares of Owens Corning by 231.4% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 48,843 shares of the construction company's stock valued at $6,909,000 after buying an additional 34,106 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Owens Corning by 99.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company's stock valued at $128,917,000 after purchasing an additional 454,382 shares in the last quarter. Caprock Group LLC purchased a new position in shares of Owens Corning in the 3rd quarter valued at about $1,742,000. Rakuten Investment Management Inc. purchased a new position in shares of Owens Corning in the 3rd quarter valued at about $8,135,000. Finally, National Pension Service increased its stake in shares of Owens Corning by 25.5% in the 3rd quarter. National Pension Service now owns 95,495 shares of the construction company's stock valued at $13,509,000 after purchasing an additional 19,375 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Trading Up 5.1%

OC stock opened at $113.41 on Thursday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42. The stock has a market cap of $9.13 billion, a price-to-earnings ratio of -17.16, a PEG ratio of 1.96 and a beta of 1.35. The business's 50-day moving average is $113.90 and its 200 day moving average is $116.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data 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. 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 analysts' expectations of $2.18 billion. During the same period in the previous year, the firm posted $2.97 EPS. Owens Corning's revenue was down 10.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

Insider Transactions at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the sale, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.92% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on OC. Wells Fargo & Company lifted their price target on Owens Corning from $135.00 to $150.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. UBS Group lifted their price target on Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a research note on Thursday, February 26th. JPMorgan Chase & Co. lifted their price target on Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Royal Bank Of Canada lifted their price target on Owens Corning from $134.00 to $148.00 and gave the company an "outperform" rating in a research note on Thursday, May 7th. Finally, Bank of America cut their price target on Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average 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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