Raiffeisen Bank International AG Purchases 38,885 Shares of Owens Corning Inc $OC

Key Points

• Raiffeisen Bank International AG increased its Owens Corning stake by 12.4% in the fourth quarter, buying 38,885 additional shares and bringing its total holdings to 353,302 shares worth about $40 million.
• Owens Corning reported better-than-expected quarterly earnings of $1.22 per share on revenue of $2.27 billion, topping analyst estimates on both metrics, though revenue still declined 10.5% year over year.
• Analyst sentiment remains fairly positive, with a Moderate Buy consensus and an average price target of $144.82, while several firms recently maintained or raised their targets despite some insider selling.

Raiffeisen Bank International AG raised its position in Owens Corning Inc (NYSE:OC - Free Report) by 12.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 353,302 shares of the construction company's stock after acquiring an additional 38,885 shares during the quarter. Raiffeisen Bank International AG owned approximately 0.43% of Owens Corning worth $39,976,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Measured Wealth Private Client Group LLC bought a new position in shares of Owens Corning during the 3rd quarter valued at approximately $42,000. Harbour Investments Inc. boosted its position in shares of Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after purchasing an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Owens Corning in the fourth quarter worth approximately $37,000. Global Retirement Partners LLC boosted its position in shares of Owens Corning by 1,173.3% in the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company's stock worth $43,000 after purchasing an additional 352 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Owens Corning in the third quarter worth approximately $56,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

NYSE:OC opened at $121.62 on Friday. 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 12-month low of $97.53 and a 12-month high of $159.42. The stock has a 50-day moving average price of $118.47 and a 200 day moving average price of $117.85. The stock has a market capitalization of $9.79 billion, a P/E ratio of -18.40, a P/E/G ratio of 2.09 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm had revenue of $2.27 billion during the quarter, compared to analysts' expectations of $2.18 billion. During the same quarter last year, the business posted $2.97 earnings per share. The firm's revenue was down 10.5% on a year-over-year basis. Equities research analysts forecast that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on OC shares. Evercore set a $139.00 price target on shares of Owens Corning in a research report on Thursday, May 7th. Bank of America dropped their price target on shares of Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a research report on Monday, April 20th. Weiss Ratings cut Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 18th. Royal Bank Of Canada increased their target price on Owens Corning from $134.00 to $148.00 and gave the stock an "outperform" rating in a research report on Thursday, May 7th. Finally, Barclays increased their target price on Owens Corning from $135.00 to $144.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. One investment 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 stock. According to data from MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and an average price target of $144.82.

Insider Activity at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of the 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 transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider owned 15,848 shares of the company's stock, valued at $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company's stock.

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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.