Owens Corning Inc $OC Shares Sold by Fisher Asset Management LLC

Key Points

• Fisher Asset Management slashed its Owens Corning stake by 99% in the fourth quarter, selling 324,407 shares and leaving just 3,176 shares valued at about $355,000.
• Owens Corning’s latest quarterly results beat expectations, with EPS of $1.22 versus the $1.01 estimate and revenue of $2.27 billion versus $2.18 billion forecast.
• Analysts remain cautiously positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $144.82.

Fisher Asset Management LLC reduced its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 99.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,176 shares of the construction company's stock after selling 324,407 shares during the period. Fisher Asset Management LLC's holdings in Owens Corning were worth $355,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in OC. Geneos Wealth Management Inc. increased its position in Owens Corning by 61.7% in the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock worth $69,000 after buying an additional 184 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Owens Corning during the second quarter valued at $277,000. EverSource Wealth Advisors LLC boosted its stake in Owens Corning by 1,433.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company's stock valued at $175,000 after buying an additional 1,190 shares in the last quarter. Cerity Partners LLC boosted its stake in Owens Corning by 294.3% during the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company's stock valued at $2,389,000 after buying an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in Owens Corning by 12.2% during the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company's stock valued at $421,000 after buying an additional 333 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

Shares of NYSE:OC opened at $126.07 on Monday. The business's 50 day moving average is $115.82 and its 200-day moving average is $116.64. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $10.15 billion, a PE ratio of -19.07, a PEG ratio of 2.28 and a beta of 1.34. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.42.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly 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 business 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 quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.97 EPS. Sell-side analysts predict that Owens Corning Inc will post 9.53 earnings per share for the current year.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction 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 completion of the transaction, the insider owned 15,848 shares in the company, valued at approximately $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 can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president owned 3,093 shares of the company's stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The SEC filing for this sale provides additional information. 0.92% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on OC shares. JPMorgan Chase & Co. increased their price target on Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Wells Fargo & Company raised their price target on Owens Corning from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Evercore set a $139.00 price objective on Owens Corning in a research note on Thursday, May 7th. Weiss Ratings downgraded Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, May 18th. Finally, Zacks Research raised Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $144.82.

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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