River Global Investors LLP Sells 11,706 Shares of Owens Corning (NYSE:OC)

River Global Investors LLP cut its stake in Owens Corning (NYSE:OC - Free Report) by 35.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,656 shares of the construction company's stock after selling 11,706 shares during the period. River Global Investors LLP's holdings in Owens Corning were worth $3,210,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Invesco Ltd. increased its stake in Owens Corning by 156.1% during the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company's stock valued at $202,932,000 after purchasing an additional 906,782 shares during the last quarter. Pacer Advisors Inc. raised its stake in Owens Corning by 6,116.6% during the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company's stock worth $123,415,000 after acquiring an additional 819,201 shares during the period. Federated Hermes Inc. boosted its stake in Owens Corning by 1,602.4% in the third quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company's stock valued at $64,868,000 after acquiring an additional 447,606 shares during the period. Teacher Retirement System of Texas raised its position in shares of Owens Corning by 226.1% during the 3rd quarter. Teacher Retirement System of Texas now owns 164,252 shares of the construction company's stock worth $22,406,000 after purchasing an additional 113,890 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in shares of Owens Corning by 15.1% in the 4th quarter. Nordea Investment Management AB now owns 717,743 shares of the construction company's stock worth $106,556,000 after purchasing an additional 94,185 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Price Performance

NYSE:OC traded up $1.67 during mid-day trading on Friday, reaching $174.81. 680,615 shares of the stock were exchanged, compared to its average volume of 636,508. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.50. The business has a fifty day moving average price of $162.66 and a 200 day moving average price of $147.71. Owens Corning has a 1-year low of $103.41 and a 1-year high of $178.24. The firm has a market capitalization of $15.15 billion, a PE ratio of 14.15, a PEG ratio of 5.19 and a beta of 1.45.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.55. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The company had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.28 billion. During the same quarter in the previous year, the company posted $2.77 EPS. The business's revenue was down 1.3% compared to the same quarter last year. Research analysts expect that Owens Corning will post 15.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

OC has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on Owens Corning from $164.00 to $163.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 20th. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $175.00 to $192.00 and gave the company an "outperform" rating in a research report on Thursday, April 25th. Truist Financial boosted their target price on shares of Owens Corning from $115.00 to $145.00 and gave the company a "hold" rating in a research note on Thursday, February 15th. Citigroup raised their price target on shares of Owens Corning from $150.00 to $169.00 and gave the company a "neutral" rating in a research note on Friday, April 5th. Finally, Loop Capital boosted their price objective on Owens Corning from $167.00 to $188.00 and gave the stock a "buy" rating in a research report on Monday, April 1st. Eight research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $168.21.

Insider Activity

In other news, insider Gunner Smith sold 657 shares of the company's stock in a transaction on Monday, February 5th. The stock was sold at an average price of $153.36, for a total transaction of $100,757.52. Following the completion of the sale, the insider now directly owns 37,587 shares of the company's stock, valued at $5,764,342.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Gunner Smith sold 657 shares of the company's stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $153.36, for a total value of $100,757.52. Following the completion of the sale, the insider now owns 37,587 shares in the company, valued at approximately $5,764,342.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Paula Russell sold 3,765 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares of the company's stock, valued at approximately $3,307,878. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,864 shares of company stock worth $1,819,471. Insiders own 0.89% of the company's stock.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.