Owens Corning Inc $OC Shares Sold by Danske Bank A S

Key Points

• Danske Bank A S cut its Owens Corning stake by 98.9% in the fourth quarter, selling 34,564 shares and leaving just 400 shares valued at about $45,000.
• Owens Corning reported better-than-expected quarterly results, with EPS of $1.22 versus $1.01 expected and revenue of $2.27 billion versus $2.18 billion expected, though revenue fell 10.5% year over year.
• Analysts remain broadly constructive: the stock has a Moderate Buy consensus rating with an average target price of $144, while recent targets ranged from $125 to $172.

Danske Bank A S decreased its stake in Owens Corning Inc (NYSE:OC - Free Report) by 98.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 400 shares of the construction company's stock after selling 34,564 shares during the quarter. Danske Bank A S's holdings in Owens Corning were worth $45,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Owens Corning in the fourth quarter valued at approximately $37,000. Root Financial Partners LLC acquired a new stake in shares of Owens Corning during the 3rd quarter worth approximately $39,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Owens Corning during the 3rd quarter valued at approximately $42,000. V Square Quantitative Management LLC purchased a new position in shares of Owens Corning during the 4th quarter valued at approximately $49,000. Finally, Torren Management LLC acquired a new position in shares of Owens Corning in the 4th quarter valued at $51,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

Shares of NYSE OC opened at $121.50 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.70 and a current ratio of 1.24. The firm has a fifty day moving average of $113.83 and a 200 day moving average of $117.00. The firm has a market cap of $9.78 billion, a PE ratio of -18.38, a PEG ratio of 2.07 and a beta of 1.35. Owens Corning Inc has a one year low of $97.53 and a one year 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 (EPS) 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 business had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period last year, the firm posted $2.97 earnings per share. The company's revenue was down 10.5% compared to the same quarter last year. As a group, research analysts predict that Owens Corning Inc will post 9.43 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on OC shares. Argus upgraded shares of Owens Corning to a "strong-buy" rating in a research report on Wednesday, January 14th. Evercore set a $139.00 price objective on shares of Owens Corning in a research report on Thursday. Truist Financial increased 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. The Goldman Sachs Group lifted their price target on Owens Corning from $125.00 to $141.00 and gave the company a "neutral" rating in a research note on Thursday. Finally, UBS Group upped their price target on Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $144.00.

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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