Hsbc Holdings PLC Sells 7,858 Shares of Owens Corning Inc $OC

Key Points

• Hsbc Holdings PLC reduced its Owens Corning stake by 27.4%, selling 7,858 shares and retaining 20,870 shares valued at approximately $3.315 million. Institutional investors and hedge funds collectively own 88.4% of the company.
• Analysts maintain a generally positive outlook, with Owens Corning carrying a consensus rating of “Moderate Buy” and an average price target of $165.31, despite individual ratings ranging from Strong Buy to Sell.
• Owens Corning exceeded quarterly expectations, reporting $3.93 in EPS versus the $3.09 estimate and revenue of $2.76 billion. The company also paid a quarterly dividend of $0.79 per share, equivalent to a 2.5% annualized yield.

Hsbc Holdings PLC trimmed its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 27.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,870 shares of the construction company's stock after selling 7,858 shares during the period. Hsbc Holdings PLC's holdings in Owens Corning were worth $3,315,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in OC. Lombard Odier Asset Management Europe Ltd acquired a new stake in Owens Corning during the 2nd quarter valued at $22,881,000. Kingsview Wealth Management LLC acquired a new position in shares of Owens Corning in the second quarter valued at $308,000. Kimelman & Baird LLC bought a new position in shares of Owens Corning in the second quarter valued at about $31,144,000. Empowered Funds LLC bought a new position in shares of Owens Corning in the second quarter valued at about $3,582,000. Finally, United Capital Financial Advisors LLC acquired a new stake in shares of Owens Corning during the 2nd quarter worth about $446,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Royal Bank Of Canada lifted their target price on shares of Owens Corning from $148.00 to $172.00 and gave the stock an "outperform" rating in a report on Friday, July 10th. The Goldman Sachs Group raised their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the stock a "neutral" rating in a research report on Friday, July 10th. Truist Financial set a $198.00 target price on Owens Corning in a research report on Thursday, August 6th. Evercore reiterated an "outperform" rating and set a $193.00 target price on shares of Owens Corning in a research note on Thursday, July 23rd. Finally, Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and a consensus target price of $165.31.

Owens Corning Trading Down 1.0%

Shares of OC stock opened at $127.41 on Friday. The stock has a market cap of $10.07 billion, a P/E ratio of -15.81, a price-to-earnings-growth ratio of 1.93 and a beta of 1.32. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The stock has a 50 day simple moving average of $143.84 and a 200 day simple moving average of $127.73.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. The firm had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The company's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.21 EPS. On average, research analysts predict that Owens Corning Inc will post 9.94 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is -39.21%.

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the company's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by corporate insiders.

About Owens Corning

Owens Corning NYSE: OC is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing materials and glass-fiber composites designed to improve energy efficiency, durability and structural performance.

The company's insulation products include fiberglass, mineral wool and foam insulation, as well as related air-sealing and weatherization products. Its roofing business provides asphalt shingles, roofing components and other solutions for residential and commercial applications.

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