HITE Hedge Asset Management LLC Has $7.59 Million Stock Holdings in Owens Corning Inc $OC

Key Points

• HITE Hedge Asset Management sharply increased its Owens Corning stake in Q4, buying 47,790 additional shares and lifting holdings by 239% to 67,790 shares worth about $7.59 million.
• Wall Street sentiment on OC remains constructive: analysts have an average rating of “Moderate Buy” with an average price target of $144.82, while several firms recently raised their targets.
• Owens Corning’s latest quarter beat expectations on earnings and revenue, but revenue still fell 10.5% year over year; insider selling also occurred, including transactions by Rachel Barthelemy Marcon and Mari Doerfler.

HITE Hedge Asset Management LLC raised its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 239.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 67,790 shares of the construction company's stock after acquiring an additional 47,790 shares during the quarter. HITE Hedge Asset Management LLC owned about 0.08% of Owens Corning worth $7,586,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning in the third quarter valued at approximately $42,000. Harbour Investments Inc. lifted its stake in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock valued at $36,000 after acquiring an additional 129 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning in the fourth quarter valued at approximately $37,000. Global Retirement Partners LLC lifted its stake in Owens Corning by 1,173.3% in the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock valued at $43,000 after acquiring an additional 352 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Owens Corning in the fourth quarter valued at approximately $44,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OC. Truist Financial boosted their price objective on shares of Owens Corning from $120.00 to $125.00 and gave the stock a "hold" rating in a research note on Thursday, May 7th. Weiss Ratings cut shares of Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 18th. UBS Group boosted their price objective on shares of Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. Royal Bank Of Canada boosted their price objective on shares of Owens Corning from $134.00 to $148.00 and gave the stock an "outperform" rating in a research note on Thursday, May 7th. Finally, 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 note on Monday, May 11th. One equities research 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $144.82.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the company's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The transaction was disclosed in a document filed 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 company's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. 0.92% of the stock is owned by corporate insiders.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $121.43 on Friday. The firm has a fifty day simple moving average of $118.75 and a 200-day simple moving average of $117.88. 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 1-year low of $97.53 and a 1-year high of $159.42. The stock has a market capitalization of $9.78 billion, a price-to-earnings ratio of -18.37, a PEG ratio of 2.20 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping 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 business had revenue of $2.27 billion during the quarter, compared to analysts' expectations of $2.18 billion. During the same period in the previous year, the company earned $2.97 earnings per share. Owens Corning's revenue for the quarter was down 10.5% on a year-over-year basis. On average, sell-side analysts expect that Owens Corning Inc will post 9.53 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.