M&G Investment Management Ltd. Decreases Position in Owens Corning (NYSE:OC)

M&G Investment Management Ltd. reduced its stake in Owens Corning (NYSE:OC - Free Report) by 6.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,253 shares of the construction company's stock after selling 4,614 shares during the quarter. M&G Investment Management Ltd. owned approximately 0.08% of Owens Corning worth $9,953,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. LSV Asset Management lifted its stake in Owens Corning by 0.7% during the fourth quarter. LSV Asset Management now owns 2,272,150 shares of the construction company's stock worth $336,801,000 after purchasing an additional 15,714 shares during the last quarter. Invesco Ltd. lifted its stake in Owens Corning by 156.1% in the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company's stock valued at $202,932,000 after buying an additional 906,782 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Owens Corning by 2.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,481,937 shares of the construction company's stock valued at $219,668,000 after buying an additional 35,530 shares during the last quarter. Northern Trust Corp lifted its stake in Owens Corning by 4.9% in the third quarter. Northern Trust Corp now owns 1,014,106 shares of the construction company's stock valued at $138,334,000 after buying an additional 47,212 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Owens Corning by 6,116.6% in the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company's stock valued at $123,415,000 after buying an additional 819,201 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

OC traded up $1.77 during midday trading on Wednesday, reaching $179.47. 495,194 shares of the company's stock were exchanged, compared to its average volume of 664,098. Owens Corning has a 1-year low of $105.50 and a 1-year high of $181.49. The stock has a market capitalization of $15.55 billion, a PE ratio of 14.53, a P/E/G ratio of 5.27 and a beta of 1.45. The business's 50-day moving average price is $166.93 and its 200 day moving average price is $151.08. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.76 and a quick ratio of 1.22.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on OC shares. JPMorgan Chase & Co. reduced their price objective on Owens Corning from $164.00 to $163.00 and set a "neutral" rating for the company in a research note on Tuesday, February 20th. Barclays cut Owens Corning from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $170.00 to $160.00 in a research note on Monday, February 12th. Citigroup upped their price target on Owens Corning from $150.00 to $169.00 and gave the stock a "neutral" rating in a research note on Friday, April 5th. Argus upped their price target on Owens Corning from $175.00 to $182.00 and gave the stock a "buy" rating in a research note on Thursday, April 25th. Finally, Evercore ISI upped their price target on Owens Corning from $154.00 to $172.00 and gave the stock an "in-line" rating in a research note on Thursday, April 25th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $168.21.

Insider Activity at Owens Corning

In related news, EVP Paula Russell sold 3,765 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total value of $609,930.00. Following the completion of the transaction, the executive vice president now owns 20,419 shares of the company's stock, valued at $3,307,878. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.90% of the stock is currently owned by company insiders.

Owens Corning Company Profile

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.