Principal Financial Group Inc. Sells 26,258 Shares of Owens Corning Inc $OC

Key Points

• Principal Financial Group reduced its Owens Corning stake by 6.9% in the fourth quarter, selling 26,258 shares. After the sale, it still held 352,906 shares worth about $39.5 million.
• Several other institutional investors also adjusted positions in OC, and overall institutional ownership remains high at 88.40%. This suggests the stock continues to be widely held by large investors.
• Owens Corning reported better-than-expected quarterly earnings of $1.22 per share on revenue of $2.27 billion, though revenue fell 10.5% year over year. Analysts currently rate the stock a Moderate Buy with an average price target of $144.

Principal Financial Group Inc. decreased its position in Owens Corning Inc (NYSE:OC - Free Report) by 6.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 352,906 shares of the construction company's stock after selling 26,258 shares during the quarter. Principal Financial Group Inc. owned approximately 0.43% of Owens Corning worth $39,495,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in OC. Pitcairn Co. lifted its position in shares of Owens Corning by 4.6% during the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company's stock valued at $250,000 after buying an additional 80 shares in the last quarter. Archer Investment Corp raised its stake in Owens Corning by 13.3% during the 3rd quarter. Archer Investment Corp now owns 748 shares of the construction company's stock worth $106,000 after acquiring an additional 88 shares during the period. Pallas Capital Advisors LLC raised its stake in Owens Corning by 2.7% during the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company's stock worth $447,000 after acquiring an additional 104 shares during the period. Park Avenue Securities LLC raised its stake in Owens Corning by 7.2% during the 3rd quarter. Park Avenue Securities LLC now owns 1,652 shares of the construction company's stock worth $234,000 after acquiring an additional 111 shares during the period. Finally, NorthCrest Asset Manangement LLC raised its stake in Owens Corning by 0.8% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 14,303 shares of the construction company's stock worth $1,626,000 after acquiring an additional 117 shares during the period. Institutional investors own 88.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Barclays decreased their target price on shares of Owens Corning from $138.00 to $135.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 8th. Argus upgraded shares of Owens Corning to a "strong-buy" rating in a research note on Wednesday, January 14th. Truist Financial raised 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. Evercore set a $139.00 target price on shares of Owens Corning in a research note on Thursday. Finally, UBS Group raised their target price on shares of Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and an average price target of $144.00.

Owens Corning Stock Down 0.3%

Shares of OC opened at $121.50 on Friday. The business's 50 day moving average is $113.83 and its 200 day moving average is $117.00. The company has a market capitalization of $9.78 billion, a PE ratio of -18.38, a price-to-earnings-growth ratio of 2.06 and a beta of 1.35. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42. The company has a current ratio of 1.24, a quick ratio of 0.70 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results 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. The company had revenue of $2.27 billion for 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 quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the company earned $2.97 EPS. Research analysts expect that Owens Corning Inc will post 9.12 earnings per share for the current fiscal year.

Owens Corning Company 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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