Owens Corning Inc $OC Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its holdings in shares of Owens Corning Inc (NYSE:OC) by 16.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 351,500 shares of the construction company’s stock after selling 71,485 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.43% of Owens Corning worth $39,336,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Owens Corning during the fourth quarter worth about $37,000. Root Financial Partners LLC acquired a new stake in Owens Corning in the third quarter valued at approximately $39,000. Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning in the third quarter valued at approximately $42,000. V Square Quantitative Management LLC acquired a new stake in Owens Corning in the fourth quarter valued at approximately $49,000. Finally, Torren Management LLC acquired a new stake in Owens Corning in the fourth quarter valued at approximately $51,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $119.75 on Wednesday. The firm has a market capitalization of $9.64 billion, a P/E ratio of -18.12, a P/E/G ratio of 2.27 and a beta of 1.35. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.42. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27. The firm’s 50 day moving average is $113.69 and its two-hundred day moving average is $116.83.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating the consensus estimate of $1.01 by $0.21. The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm’s revenue was down 10.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.97 earnings per share. Research analysts forecast that Owens Corning Inc will post 9.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Bank of America reduced their target price on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, April 20th. Evercore set a $139.00 target price on shares of Owens Corning in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a report on Friday, March 27th. UBS Group raised their target price on shares of Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, Truist Financial raised their target price on shares of Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.82.

Insider Activity

In other news, VP Mari Doerfler sold 1,926 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.92% of the company’s stock.

Owens Corning Company Profile

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.