Owens Corning Inc $OC Stock Position Boosted by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management Co. sharply increased its Owens Corning stake in Q4, boosting holdings by 1,243.9% to 39,134 shares worth about $4.38 million.
• Several other institutional investors also added to or initiated positions, and 88.40% of Owens Corning’s stock is now owned by institutions and hedge funds.
• Wall Street remains broadly positive on OC: analysts have a Moderate Buy consensus with a $144.82 average price target, while the company recently beat quarterly EPS and revenue estimates despite year-over-year revenue declining.

Northwestern Mutual Wealth Management Co. boosted its stake in Owens Corning Inc (NYSE:OC - Free Report) by 1,243.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,134 shares of the construction company's stock after buying an additional 36,222 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Owens Corning were worth $4,379,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Thrivent Financial for Lutherans lifted its holdings in Owens Corning by 31.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 25,404 shares of the construction company's stock valued at $2,843,000 after acquiring an additional 6,030 shares during the last quarter. Pinnacle Associates Ltd. acquired a new stake in Owens Corning in the 4th quarter valued at about $247,000. Allworth Financial LP lifted its holdings in Owens Corning by 75.7% in the 4th quarter. Allworth Financial LP now owns 1,641 shares of the construction company's stock valued at $184,000 after acquiring an additional 707 shares during the last quarter. Versor Investments LP acquired a new stake in Owens Corning in the 4th quarter valued at about $336,000. Finally, Manning & Napier Advisors LLC lifted its holdings in Owens Corning by 14.0% in the 4th quarter. Manning & Napier Advisors LLC now owns 24,581 shares of the construction company's stock valued at $2,781,000 after acquiring an additional 3,019 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of research analyst reports. Truist Financial upped their price target on shares of Owens Corning from $120.00 to $125.00 and gave the company a "hold" rating in a report on Thursday, May 7th. Wells Fargo & Company upped their price target on shares of Owens Corning from $135.00 to $150.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. UBS Group upped their price target on shares of Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Zacks Research raised shares of Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Finally, Royal Bank Of Canada upped their price target on shares of Owens Corning from $134.00 to $148.00 and gave the company an "outperform" rating in a report on Thursday, May 7th. One 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. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $144.82.

Insider Buying and Selling

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the company's stock in a transaction dated Friday, May 8th. The shares were 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 approximately $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.92% of the company's stock.

Owens Corning Price Performance

OC stock opened at $117.53 on Monday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.42. The firm has a market capitalization of $9.46 billion, a PE ratio of -17.78, a P/E/G ratio of 2.13 and a beta of 1.35. The firm has a 50-day moving average of $114.29 and a two-hundred day moving average of $116.19.

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 analysts' consensus estimates 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 company had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. During the same period in the prior year, the firm earned $2.97 earnings per share. The business's quarterly revenue was down 10.5% on a year-over-year basis. On average, analysts forecast that Owens Corning Inc will post 9.53 earnings per share 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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