New Age Alpha Advisors LLC Raises Position in Owens Corning Inc $OC

Key Points

• New Age Alpha Advisors LLC increased its stake in Owens Corning by 203.1% in the fourth quarter, ending with 58,630 shares worth about $6.56 million.
• Institutional ownership in Owens Corning remains very high, with hedge funds and other investors holding 88.40% of the stock. Several firms, including JPMorgan Chase and UBS AM, also significantly added to their positions.
• Owens Corning reported Q1 earnings of $1.22 per share, beating estimates, while revenue of $2.27 billion also topped expectations. Analysts currently rate the stock a Moderate Buy with a consensus price target of $144.82.

New Age Alpha Advisors LLC boosted its stake in Owens Corning Inc (NYSE:OC - Free Report) by 203.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,630 shares of the construction company's stock after buying an additional 39,289 shares during the quarter. New Age Alpha Advisors LLC owned approximately 0.07% of Owens Corning worth $6,561,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OC. Clean Energy Transition LLP purchased a new position in Owens Corning in the 3rd quarter worth approximately $75,203,000. JPMorgan Chase & Co. lifted its stake in Owens Corning by 99.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company's stock worth $128,917,000 after purchasing an additional 454,382 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Owens Corning by 65.9% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,136,787 shares of the construction company's stock worth $160,810,000 after purchasing an additional 451,547 shares in the last quarter. AQR Capital Management LLC lifted its stake in Owens Corning by 70.9% in the 2nd quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company's stock worth $132,102,000 after purchasing an additional 398,440 shares in the last quarter. Finally, Davis Selected Advisers lifted its stake in Owens Corning by 15.1% in the 4th quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company's stock worth $229,035,000 after purchasing an additional 269,216 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, 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 completion of the sale, the vice president owned 3,093 shares in the company, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.92% of the company's stock.

Owens Corning Price Performance

OC stock opened at $117.53 on Monday. The business has a fifty day moving average of $114.29 and a two-hundred day moving average of $116.19. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27. The stock has a market cap of $9.46 billion, a price-to-earnings ratio of -17.78, a price-to-earnings-growth ratio of 2.13 and a beta of 1.35. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating 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 firm had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter last year, the firm earned $2.97 EPS. The firm's revenue for the quarter was down 10.5% on a year-over-year basis. As a group, research analysts anticipate that Owens Corning Inc will post 9.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on OC shares. Barclays raised 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. Evercore set a $139.00 target price on shares of Owens Corning in a research note on Thursday, May 7th. 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 note on Thursday, May 7th. Zacks Research upgraded shares of Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Finally, UBS Group upped their price objective on Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a report on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $144.82.

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.

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.