Hsbc Holdings PLC Purchases 4,957 Shares of Owens Corning Inc $OC

Hsbc Holdings PLC grew its position in shares of Owens Corning Inc (NYSE:OC) by 20.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,728 shares of the construction company’s stock after buying an additional 4,957 shares during the period. Hsbc Holdings PLC’s holdings in Owens Corning were worth $3,076,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Itau Unibanco Holding S.A. bought a new stake in Owens Corning in the 4th quarter valued at about $29,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Owens Corning in the third quarter valued at approximately $42,000. Harbour Investments Inc. grew its position in Owens Corning by 66.5% during the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock worth $36,000 after buying an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Owens Corning in the 4th quarter valued at $37,000. Finally, Global Retirement Partners LLC grew its holdings in shares of Owens Corning by 1,173.3% during the 4th quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock worth $43,000 after purchasing an additional 352 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Performance

Shares of OC stock opened at $142.41 on Friday. The business’s 50-day moving average price is $131.26 and its 200-day moving average price is $123.39. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of -21.55, a PEG ratio of 2.76 and a beta of 1.30.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.21. The firm had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The company’s revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the company posted $2.97 EPS. Equities research analysts forecast that Owens Corning Inc will post 9.55 EPS for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be given a $0.79 dividend. The ex-dividend date is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.2%. Owens Corning’s payout ratio is -47.81%.

Analysts Set New Price Targets

OC has been the subject of several recent analyst reports. The Goldman Sachs Group upped their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. JPMorgan Chase & Co. increased their price target on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Truist Financial lifted their price target on Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Thursday, May 7th. Finally, Evercore restated an “outperform” rating and set a $193.00 price objective on shares of Owens Corning in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $157.92.

Insiders Place Their Bets

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the sale, the vice president owned 3,093 shares of the company’s stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.92% of the company’s stock.

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.