Swedbank AB Sells 15,823 Shares of Owens Corning Inc $OC

Key Points

• Swedbank AB trimmed its stake in Owens Corning by 5.1%, selling 15,823 shares and holding 293,168 shares worth about $32.81 million (0.36% of the company) at quarter-end.
• Owens Corning reported Q results that beat EPS expectations ($1.22 vs. $1.01) but saw revenue down 10.5% year-over-year to $2.27 billion and a negative net margin of 5.43%.
• Analysts maintain a generally positive view with an average rating of "Moderate Buy" and an average price target of $143.27, while institutional investors own roughly 88.40% of the stock.

Swedbank AB decreased its position in Owens Corning Inc (NYSE:OC - Free Report) by 5.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 quarter.

Other hedge funds have also added to or reduced their stakes in the company. Root Financial Partners LLC bought a new position in Owens Corning in the third quarter valued at about $39,000. Measured Wealth Private Client Group LLC bought a new position in Owens Corning in the third quarter valued at about $42,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning in the fourth quarter valued at about $37,000. Caitong International Asset Management Co. Ltd bought a new position in Owens Corning in the third quarter valued at about $56,000. Finally, Whittier Trust Co. bought a new position in Owens Corning during the third quarter worth about $56,000. Institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. UBS Group raised their target price on Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Bank of America reduced their target price on Owens Corning from $140.00 to $138.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Wells Fargo & Company raised their target price on Owens Corning from $135.00 to $150.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Evercore set a $139.00 target price on Owens Corning in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $143.27.

Owens Corning Trading Down 0.9%

NYSE OC opened at $121.92 on Friday. The firm has a market cap of $9.80 billion, a P/E ratio of -18.44, a P/E/G ratio of 2.08 and a beta of 1.35. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.70. The stock's 50-day moving average is $113.83 and its 200-day moving average is $117.00. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.42.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.21. The company 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 revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.97 earnings per share. Sell-side analysts anticipate that Owens Corning Inc will post 9.45 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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