Owens Corning Inc $OC Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Owens Corning stake by 3.2% in the first quarter, selling 24,375 shares and retaining 744,127 shares valued at approximately $80.5 million. Institutional investors collectively own 88.4% of the company.
• Owens Corning exceeded quarterly expectations, reporting $3.93 in EPS versus a $3.09 consensus and $2.76 billion in revenue. Analysts expect $9.65 in full-year EPS, while the company continues to pay a quarterly dividend of $0.79.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $163.25, compared with the stock’s reported opening price of $157.22.

Bank of America Corp DE cut its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 3.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 744,127 shares of the construction company's stock after selling 24,375 shares during the period. Bank of America Corp DE owned 0.92% of Owens Corning worth $80,529,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Lodge Hill Capital LLC grew its position in shares of Owens Corning by 14.1% during the 1st quarter. Lodge Hill Capital LLC now owns 363,570 shares of the construction company's stock valued at $39,346,000 after acquiring an additional 45,000 shares during the period. Janus Henderson Group PLC increased its stake in shares of Owens Corning by 51.9% in the 1st quarter. Janus Henderson Group PLC now owns 56,351 shares of the construction company's stock valued at $6,099,000 after purchasing an additional 19,251 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in Owens Corning in the 1st quarter worth about $410,000. Bull Harbor Capital LLC acquired a new position in Owens Corning in the 1st quarter worth about $521,000. Finally, South Dakota Investment Council boosted its position in Owens Corning by 1.3% during the first quarter. South Dakota Investment Council now owns 48,865 shares of the construction company's stock worth $5,288,000 after purchasing an additional 637 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction that occurred 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 transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Owens Corning Stock Performance

NYSE OC opened at $157.22 on Monday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The stock's 50 day simple moving average is $136.74 and its 200-day simple moving average is $125.16. The company has a market cap of $12.43 billion, a PE ratio of -19.51, a price-to-earnings-growth ratio of 2.73 and a beta of 1.32. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping the consensus estimate of $3.09 by $0.84. The firm had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $4.21 earnings per share. As a group, equities research analysts anticipate that Owens Corning Inc will post 9.65 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is -39.21%.

Wall Street Analysts Forecast Growth

OC has been the topic of several research analyst reports. Royal Bank Of Canada raised their price objective on Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a report on Friday, July 10th. The Goldman Sachs Group upped their target price on Owens Corning from $141.00 to $159.00 and gave the stock a "neutral" rating in a research note on Friday, July 10th. Deutsche Bank Aktiengesellschaft increased their target price on Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Wall Street Zen raised shares of Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $163.25.

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.

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