Owens Corning Inc $OC Shares Purchased by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital sharply increased its Owens Corning stake by 460.8% in the fourth quarter, ending with 1.31 million shares valued at about $146.9 million.
• Owens Corning reported better-than-expected Q1 earnings, posting $1.22 EPS versus estimates of $1.01 and revenue of $2.27 billion, though sales were still down 10.5% year over year.
• Analysts remain generally constructive on the stock, with a Moderate Buy consensus and an average price target of $144.82; recent target boosts came from firms including Barclays and Goldman Sachs.

Arrowstreet Capital Limited Partnership increased its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 460.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,313,019 shares of the construction company's stock after acquiring an additional 1,078,877 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.60% of Owens Corning worth $146,940,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new position in Owens Corning in the fourth quarter valued at about $29,000. Measured Wealth Private Client Group LLC acquired a new position in Owens Corning in the third quarter valued at about $42,000. Harbour Investments Inc. increased its stake in Owens Corning by 66.5% during the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after purchasing an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Owens Corning during the fourth quarter worth about $37,000. Finally, Global Retirement Partners LLC increased its stake in Owens Corning by 1,173.3% during the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock worth $43,000 after purchasing an additional 352 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. This trade 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 this link. 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 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 sale, the vice president directly owned 3,093 shares of the company's stock, valued at approximately $374,005.56. This represents a 38.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.92% of the stock is owned by company insiders.

Owens Corning Trading Up 1.5%

NYSE:OC opened at $123.22 on Tuesday. The stock's 50 day moving average price is $119.10 and its 200 day moving average price is $118.06. The company has a market capitalization of $9.92 billion, a PE ratio of -18.64, a P/E/G ratio of 2.20 and a beta of 1.34. 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 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 quarterly earnings data 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. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company's revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.97 earnings per share. On average, research analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current year.

Analysts Set New Price Targets

OC has been the topic of a number of recent research reports. Barclays boosted their price target 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. JPMorgan Chase & Co. boosted their price target on shares of 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 boosted their price target on shares of Owens Corning from $125.00 to $141.00 and gave the stock a "neutral" rating in a research note on Thursday, May 7th. Evercore set a $139.00 price target on shares of Owens Corning in a research note on Thursday, May 7th. Finally, Zacks Research upgraded shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research note on Monday, April 27th. One equities research 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 target price of $144.82.

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.

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.