Cibc World Market Inc. Grows Position in Owens Corning Inc $OC

Cibc World Market Inc. boosted its stake in Owens Corning Inc (NYSE:OC) by 49.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 15,254 shares of the construction company’s stock after acquiring an additional 5,074 shares during the quarter. Cibc World Market Inc.’s holdings in Owens Corning were worth $1,707,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Owens Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock valued at $1,092,883,000 after purchasing an additional 84,096 shares during the period. State Street Corp grew its holdings in Owens Corning by 2.3% in the third quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock valued at $514,205,000 after purchasing an additional 81,133 shares during the period. Davis Selected Advisers grew its holdings in Owens Corning by 15.1% in the fourth quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company’s stock valued at $229,035,000 after purchasing an additional 269,216 shares during the period. Dimensional Fund Advisors LP grew 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 purchasing an additional 110,452 shares during the period. Finally, LSV Asset Management grew 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 purchasing an additional 14,109 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by corporate insiders.

Owens Corning Price Performance

Shares of OC stock opened at $123.17 on Wednesday. The company has a market capitalization of $9.92 billion, a PE ratio of -18.63, a price-to-earnings-growth ratio of 2.16 and a beta of 1.34. The firm has a fifty day simple moving average of $117.99 and a 200-day simple moving average of $117.61. 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 Inc has a twelve month low of $97.53 and a twelve month high of $159.42.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.21. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.97 earnings per share. Equities research analysts anticipate that Owens Corning Inc will post 9.53 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. UBS Group boosted their price objective on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research note on Thursday, February 26th. Bank of America decreased their price objective on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, April 20th. JPMorgan Chase & Co. boosted their price objective on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Royal Bank Of Canada boosted their price objective on shares of Owens Corning from $134.00 to $148.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $144.82.

About Owens Corning

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.