Invenomic Capital Management LP Invests $18.33 Million in Owens Corning Inc $OC

Key Points

• Invenomic Capital Management bought a new stake in Owens Corning during the fourth quarter, purchasing 163,765 shares worth about $18.33 million.
• Other major institutional investors also increased or initiated positions in OC, and institutions now own 88.40% of the company’s shares, showing broad Wall Street interest.
• Owens Corning reported quarterly EPS of $1.22, beating estimates, while analysts currently rate the stock Moderate Buy with a consensus price target of $144.82.

Invenomic Capital Management LP acquired a new position in Owens Corning Inc (NYSE:OC - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 163,765 shares of the construction company's stock, valued at approximately $18,327,000. Invenomic Capital Management LP owned 0.20% of Owens Corning as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in OC. Arrowstreet Capital Limited Partnership boosted its stake in shares of Owens Corning by 460.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company's stock worth $146,940,000 after acquiring an additional 1,078,877 shares during the period. Norges Bank bought a new position in shares of Owens Corning in the fourth quarter worth about $119,748,000. Gendell Jeffrey L boosted its stake in shares of Owens Corning by 349.3% in the fourth quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company's stock worth $103,188,000 after acquiring an additional 716,839 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Owens Corning by 33.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company's stock worth $288,332,000 after acquiring an additional 645,773 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Owens Corning by 51.8% in the fourth quarter. First Trust Advisors LP now owns 1,775,411 shares of the construction company's stock worth $198,686,000 after acquiring an additional 605,926 shares during the period. Institutional investors own 88.40% of the company's stock.

Insider Activity at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider owned 15,848 shares of the company's stock, valued at $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 that occurred on Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their position. The SEC filing for this sale provides additional information. 0.92% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on OC shares. JPMorgan Chase & Co. upped their price objective on Owens Corning from $115.00 to $121.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. The Goldman Sachs Group upped their price objective on Owens Corning from $125.00 to $141.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Truist Financial boosted their target price on Owens Corning from $120.00 to $125.00 and gave the stock a "hold" rating in a research report on Thursday, May 7th. Weiss Ratings downgraded Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 18th. Finally, Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.82.

Owens Corning Stock Down 3.5%

Shares of NYSE:OC opened at $123.88 on Thursday. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42. The stock has a market cap of $9.98 billion, a P/E ratio of -18.74, a price-to-earnings-growth ratio of 2.33 and a beta of 1.34. The business's 50 day moving average is $119.91 and its 200 day moving average is $118.27. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC - Get Free Report) last announced 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 quarter in the prior year, the firm earned $2.97 earnings per share. Owens Corning's revenue was down 10.5% compared to the same quarter last year. Sell-side analysts predict that Owens Corning Inc will post 9.53 EPS for the current year.

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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