Legal & General Group Plc Trims Stake in Owens Corning Inc $OC

Key Points

• Legal & General Group Plc cut its Owens Corning stake by 52.7% in the fourth quarter, selling 148,320 shares and ending with 133,201 shares worth about $14.9 million.
• Several other institutional investors also adjusted positions, while institutional ownership remains high at 88.40%. Insider selling was also reported, including transactions by Rachel Barthelemy Marcon and VP Mari Doerfler.
• Analysts are generally constructive on the stock, with a consensus rating of “Moderate Buy” and an average target price of $144.82. Owens Corning recently beat quarterly EPS and revenue estimates, though revenue was still down 10.5% year over year.

Legal & General Group Plc lessened its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 52.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 133,201 shares of the construction company's stock after selling 148,320 shares during the period. Legal & General Group Plc owned about 0.16% of Owens Corning worth $14,907,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of OC. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Owens Corning in the fourth quarter worth approximately $37,000. Measured Wealth Private Client Group LLC purchased a new position in Owens Corning during the 3rd quarter valued at $42,000. Global Retirement Partners LLC grew its position in Owens Corning by 1,173.3% in the 4th 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. V Square Quantitative Management LLC purchased a new stake in Owens Corning in the fourth quarter worth $49,000. Finally, Torren Management LLC purchased a new stake in Owens Corning in the fourth quarter worth $51,000. Institutional investors own 88.40% of the company's stock.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 15,848 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible 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 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 transaction 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 ownership of the stock. The SEC filing for this sale provides additional information. 0.92% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Weiss Ratings lowered shares of Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 18th. Zacks Research upgraded shares of Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. JPMorgan Chase & Co. boosted their price objective on shares of Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Barclays upped their target price 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. Finally, Truist Financial raised their target price on shares of Owens Corning from $120.00 to $125.00 and gave the stock a "hold" rating in a research report on Thursday, May 7th. One investment 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 has a consensus rating of "Moderate Buy" and an average target price of $144.82.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $120.12 on Wednesday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The stock's fifty day moving average price is $116.21 and its 200-day moving average price is $116.78. The firm has a market cap of $9.67 billion, a P/E ratio of -18.17, a P/E/G ratio of 2.22 and a beta of 1.34. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42.

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. The company had revenue of $2.27 billion for the quarter, compared to analysts' expectations of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm's quarterly revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.97 EPS. On average, equities research analysts expect that Owens Corning Inc will post 9.53 earnings per share for the current fiscal 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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