Havemeyer Place LP Takes Position in Owens Corning Inc $OC

Key Points

• Havemeyer Place LP opened a new position in Owens Corning during the fourth quarter, buying 10,494 shares worth about $1.17 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding 88.40% of Owens Corning’s stock. Several other firms also increased their stakes in the company recently.
• Wall Street sentiment is generally positive: analysts have an average rating of “Moderate Buy” with an average price target of $144.82, while Owens Corning also reported earnings and revenue that beat expectations in its latest quarter.

Havemeyer Place LP purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,494 shares of the construction company's stock, valued at approximately $1,174,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pitcairn Co. grew 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 worth $250,000 after buying an additional 80 shares during the last quarter. Viawealth LLC grew its stake in shares of Owens Corning by 3.6% in the 4th quarter. Viawealth LLC now owns 2,563 shares of the construction company's stock worth $287,000 after buying an additional 88 shares during the last quarter. Pallas Capital Advisors LLC grew its stake 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 during the last quarter. Lido Advisors LLC grew its stake in shares of Owens Corning by 6.4% in the 4th quarter. Lido Advisors LLC now owns 1,904 shares of the construction company's stock worth $213,000 after buying an additional 115 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC grew 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 worth $1,626,000 after buying an additional 117 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

OC has been the topic of several recent research reports. Royal Bank Of Canada upped their price target on Owens Corning from $134.00 to $148.00 and gave the stock an "outperform" rating in a research note on Thursday, May 7th. Truist Financial upped their price target on Owens Corning from $120.00 to $125.00 and gave the stock a "hold" rating in a research note on Thursday, May 7th. Wells Fargo & Company upped their price target on Owens Corning from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Weiss Ratings downgraded Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 18th. Finally, JPMorgan Chase & Co. upped their price target on Owens Corning from $115.00 to $121.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $144.82.

Owens Corning Stock Performance

Shares of OC opened at $119.16 on Monday. The business's fifty day simple moving average is $117.38 and its two-hundred day simple moving average is $117.30. 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 company has a market cap of $9.60 billion, a price-to-earnings ratio of -18.03, a P/E/G ratio of 2.16 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last issued 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 business had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period last year, the business posted $2.97 EPS. The company's revenue was down 10.5% compared to the same quarter last year. Research analysts anticipate that Owens Corning Inc will post 9.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares in the company, valued at $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.92% of the company's stock.

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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