Kingsview Wealth Management LLC Sells 64,622 Shares of Owens Corning Inc $OC

Key Points

• Kingsview Wealth Management sharply reduced its Owens Corning stake in Q4, selling 64,622 shares and cutting its position by 92.7% to just 5,098 shares worth about $571,000.
• Owens Corning reported better-than-expected Q1 earnings of $1.22 per share on revenue of $2.27 billion, beating analyst estimates, though revenue was still down 10.5% year over year.
• Analyst sentiment remains generally positive, with the stock carrying a Moderate Buy consensus and an average price target of $144.82, while recent insider sales were also disclosed.

Kingsview Wealth Management LLC trimmed its position in Owens Corning Inc (NYSE:OC - Free Report) by 92.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,098 shares of the construction company's stock after selling 64,622 shares during the quarter. Kingsview Wealth Management LLC's holdings in Owens Corning were worth $571,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Harbour Investments Inc. grew its position in shares of Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after purchasing an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Owens Corning in the 4th quarter valued at $37,000. Measured Wealth Private Client Group LLC bought a new position in Owens Corning in the third quarter valued at about $42,000. Global Retirement Partners LLC grew its holdings in shares of Owens Corning by 1,173.3% during the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock valued at $43,000 after purchasing an additional 352 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new position in shares of Owens Corning during the fourth quarter worth $49,000. 88.40% of the stock is owned by institutional investors.

Owens Corning Price Performance

Owens Corning stock opened at $120.12 on Wednesday. The stock has a market capitalization of $9.67 billion, a price-to-earnings ratio of -18.17, a PEG ratio of 2.22 and a beta of 1.34. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The stock's 50 day moving average price is $116.21 and its two-hundred day moving average price is $116.78.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results 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 negative net margin of 5.43% and a positive return on equity of 19.86%. The business had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period in the prior year, the firm earned $2.97 earnings per share. Owens Corning's revenue was down 10.5% on a year-over-year basis. On average, equities analysts predict that Owens Corning Inc will post 9.53 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on OC shares. Zacks Research upgraded shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Evercore set a $139.00 price objective on Owens Corning in a report on Thursday, May 7th. Truist Financial raised 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. Royal Bank Of Canada upped their price target on Owens Corning from $134.00 to $148.00 and gave the company an "outperform" rating in a research report on Thursday, May 7th. Finally, Bank of America decreased 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 analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $144.82.

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company's stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction that occurred 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 approximately $374,005.56. The trade was a 38.37% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.92% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

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.