Nomura Asset Management Co. Ltd. Cuts Position in Owens Corning Inc $OC

Key Points

• Nomura Asset Management slashed its Owens Corning stake by 94.2% in the fourth quarter, leaving it with 1,557 shares worth about $174,000.
• Owens Corning reported Q1 earnings of $1.22 per share, topping estimates of $1.01, while revenue of $2.27 billion also beat forecasts. However, revenue still fell 10.5% year over year.
• Wall Street remains generally positive on the stock, with an average rating of “Moderate Buy” and an average price target of $144.82. Several analysts recently raised their targets, including Wells Fargo and RBC.

Nomura Asset Management Co. Ltd. decreased its position in Owens Corning Inc (NYSE:OC - Free Report) by 94.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,557 shares of the construction company's stock after selling 25,390 shares during the quarter. Nomura Asset Management Co. Ltd.'s holdings in Owens Corning were worth $174,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OC. Harbour Investments Inc. raised its position in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock valued at $36,000 after purchasing an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Owens Corning in the fourth quarter valued at approximately $37,000. Measured Wealth Private Client Group LLC purchased a new stake in Owens Corning in the third quarter valued at approximately $42,000. Global Retirement Partners LLC raised its position in Owens Corning by 1,173.3% in the fourth 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 period. Finally, V Square Quantitative Management LLC purchased a new stake in Owens Corning in the fourth quarter valued at approximately $49,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analyst Weigh In

OC has been the topic of a number of research analyst reports. Truist Financial boosted their target price on Owens Corning from $120.00 to $125.00 and gave the company a "hold" rating in a research report on Thursday, May 7th. Wells Fargo & Company upped their price objective on Owens Corning from $135.00 to $150.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Evercore set a $139.00 price objective on Owens Corning in a research report on Thursday, May 7th. 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 report on Thursday, May 7th. Finally, Royal Bank Of Canada upped their price objective on Owens Corning from $134.00 to $148.00 and gave the stock an "outperform" rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $144.82.

Owens Corning Stock Performance

NYSE:OC opened at $119.16 on Friday. The firm has a market capitalization of $9.60 billion, a PE ratio of -18.03, a price-to-earnings-growth ratio of 2.18 and a beta of 1.34. The business's fifty day moving average price is $117.38 and its 200 day moving average price is $117.17. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. 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 posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.01 by $0.21. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.Owens Corning's revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.97 earnings per share. On average, sell-side analysts anticipate that Owens Corning Inc will post 9.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the stock in a transaction 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 transaction, the vice president owned 3,093 shares of the company's stock, valued at $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of the 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 completion of the transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

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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