Swiss National Bank Reduces Position in Owens Corning (NYSE:OC)

Swiss National Bank cut its position in Owens Corning (NYSE:OC - Free Report) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 280,900 shares of the construction company's stock after selling 9,000 shares during the period. Swiss National Bank owned approximately 0.32% of Owens Corning worth $41,638,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of OC. Contravisory Investment Management Inc. acquired a new stake in Owens Corning during the 4th quarter worth about $27,000. Bruce G. Allen Investments LLC purchased a new position in Owens Corning during the fourth quarter valued at approximately $27,000. VisionPoint Advisory Group LLC lifted its holdings in Owens Corning by 53.0% in the third quarter. VisionPoint Advisory Group LLC now owns 254 shares of the construction company's stock valued at $35,000 after acquiring an additional 88 shares during the period. Blue Trust Inc. boosted its position in Owens Corning by 42.2% in the 4th quarter. Blue Trust Inc. now owns 263 shares of the construction company's stock worth $36,000 after purchasing an additional 78 shares in the last quarter. Finally, McGlone Suttner Wealth Management Inc. acquired a new stake in shares of Owens Corning during the 4th quarter worth approximately $55,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Gunner Smith sold 7,442 shares of the firm's stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $148.99, for a total transaction of $1,108,783.58. Following the completion of the sale, the insider now directly owns 36,140 shares in the company, valued at $5,384,498.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Gunner Smith sold 7,442 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $148.99, for a total value of $1,108,783.58. Following the completion of the transaction, the insider now directly owns 36,140 shares in the company, valued at $5,384,498.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Paula Russell sold 3,765 shares of the firm's stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total value of $609,930.00. Following the sale, 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. 0.90% of the stock is currently owned by corporate insiders.

Owens Corning Price Performance

OC traded down $0.45 on Wednesday, reaching $174.63. 701,511 shares of the company's stock were exchanged, compared to its average volume of 674,936. Owens Corning has a twelve month low of $103.65 and a twelve month high of $178.33. The stock has a market cap of $15.13 billion, a PE ratio of 14.14, a P/E/G ratio of 5.24 and a beta of 1.45. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.76 and a quick ratio of 1.22. The stock's fifty day moving average price is $164.27 and its 200-day moving average price is $148.95.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on OC shares. Barclays downgraded shares of Owens Corning from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $170.00 to $160.00 in a report on Monday, February 12th. Truist Financial raised their target price on Owens Corning from $115.00 to $145.00 and gave the company a "hold" rating in a research report on Thursday, February 15th. Loop Capital upped their price target on Owens Corning from $167.00 to $188.00 and gave the stock a "buy" rating in a report on Monday, April 1st. JPMorgan Chase & Co. dropped their price objective on Owens Corning from $164.00 to $163.00 and set a "neutral" rating on the stock in a report on Tuesday, February 20th. Finally, Citigroup increased their target price on Owens Corning from $150.00 to $169.00 and gave the company a "neutral" rating in a research report on Friday, April 5th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Owens Corning has an average rating of "Moderate Buy" and a consensus price target of $168.21.

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.