Owens Corning Inc $OC Shares Sold by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its Owens Corning stake by 72.6% in the fourth quarter, selling 11,316 shares and ending with 4,261 shares worth about $477,000.
• Several analysts remain constructive on the stock, with recent price target increases from UBS, RBC, and Wells Fargo. Owens Corning currently has a Moderate Buy consensus and an average target price of $144.82.
• The company reported Q1 earnings that beat expectations, posting $1.22 EPS on revenue of $2.27 billion, though revenue fell 10.5% from a year earlier. Shares were down 6.4% in the trading session described, and insiders also sold stock recently.

BI Asset Management Fondsmaeglerselskab A S trimmed its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 72.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,261 shares of the construction company's stock after selling 11,316 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Owens Corning were worth $477,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its position in shares of Owens Corning by 99.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company's stock worth $128,917,000 after acquiring an additional 454,382 shares in the last quarter. Caprock Group LLC acquired a new position in shares of Owens Corning during the 3rd quarter worth about $1,742,000. Dimensional Fund Advisors LP boosted its position in shares of Owens Corning by 6.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company's stock worth $273,101,000 after acquiring an additional 110,452 shares in the last quarter. Boothbay Fund Management LLC boosted its position in shares of Owens Corning by 130.5% during the 3rd quarter. Boothbay Fund Management LLC now owns 81,295 shares of the construction company's stock worth $11,500,000 after acquiring an additional 46,022 shares in the last quarter. Finally, Banque Pictet & Cie SA boosted its position in shares of Owens Corning by 5.0% during the 4th quarter. Banque Pictet & Cie SA now owns 412,579 shares of the construction company's stock worth $46,172,000 after acquiring an additional 19,553 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OC has been the subject of several analyst reports. UBS Group upped their price objective on Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Bank of America lowered their price objective on Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a research report on Monday, April 20th. 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. 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. Finally, Zacks Research raised Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and an average target price of $144.82.

Insider Activity at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the sale, the vice president directly owned 3,093 shares of the company's stock, valued at $374,005.56. This represents a 38.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company's stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by corporate insiders.

Owens Corning Stock Down 6.4%

OC opened at $115.07 on Thursday. The business has a 50 day moving average price of $118.20 and a two-hundred day moving average price of $117.73. 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 company has a market cap of $9.27 billion, a PE ratio of -17.41, a P/E/G ratio of 2.23 and a beta of 1.34. 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 EPS for the quarter, beating the consensus estimate of $1.01 by $0.21. The firm 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 firm's revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.97 EPS. As a group, research analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current 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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