Swedbank AB Reduces Position in Owens Corning Inc $OC

Key Points

• Swedbank AB trimmed its Owens Corning stake by 5.1% in the fourth quarter, selling 15,823 shares and ending with 293,168 shares worth about $32.8 million.
• Owens Corning reported stronger-than-expected quarterly results, posting EPS of $1.22 versus the $1.01 consensus and revenue of $2.27 billion versus estimates of $2.18 billion, though revenue still fell 10.5% from a year earlier.
• Analysts remain generally positive on OC, with a consensus “Moderate Buy” rating and an average target price of $144.82, while Wells Fargo recently raised its target to $150 and kept an overweight rating.

Swedbank AB decreased its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 5.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 293,168 shares of the construction company's stock after selling 15,823 shares during the period. Swedbank AB owned 0.36% of Owens Corning worth $32,808,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Owens Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock worth $1,092,883,000 after buying an additional 84,096 shares in the last quarter. State Street Corp boosted its holdings in shares of Owens Corning by 2.3% during the third quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock worth $514,205,000 after purchasing an additional 81,133 shares during the last quarter. Davis Selected Advisers boosted its holdings in shares of Owens Corning by 15.1% during the fourth quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company's stock worth $229,035,000 after purchasing an additional 269,216 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Owens Corning by 6.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company's stock valued at $273,101,000 after acquiring an additional 110,452 shares during the last quarter. Finally, LSV Asset Management boosted its holdings in Owens Corning by 1.0% in the fourth quarter. LSV Asset Management now owns 1,463,671 shares of the construction company's stock valued at $163,799,000 after acquiring an additional 14,109 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Up 0.1%

NYSE:OC opened at $117.53 on Monday. The firm has a market capitalization of $9.46 billion, a PE ratio of -17.78, a price-to-earnings-growth ratio of 2.13 and a beta of 1.35. The stock has a 50 day moving average of $114.29 and a 200-day moving average of $116.19. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.42. 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 (NYSE:OC - Get Free Report) last posted its 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 company had revenue of $2.27 billion during 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%.The business's revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.97 earnings per share. Analysts predict that Owens Corning Inc will post 9.53 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OC. Wells Fargo & Company boosted their price objective on Owens Corning from $135.00 to $150.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Truist Financial boosted their price target on Owens Corning from $120.00 to $125.00 and gave the stock a "hold" rating in a research note on Thursday, May 7th. Weiss Ratings lowered Owens Corning from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, May 18th. JPMorgan Chase & Co. boosted their price objective on Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Finally, Zacks Research raised Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $144.82.

Insider Activity at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of the company's 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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.

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