Principal Financial Group Inc. Cuts Position in Owens Corning Inc $OC

Principal Financial Group Inc. lessened its position in shares of Owens Corning Inc (NYSE:OC) by 6.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 352,906 shares of the construction company’s stock after selling 26,258 shares during the quarter. Principal Financial Group Inc.’s holdings in Owens Corning were worth $39,495,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Pitcairn Co. grew its holdings in Owens Corning by 4.6% during the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after buying an additional 80 shares in the last quarter. Archer Investment Corp grew its holdings in Owens Corning by 13.3% during the 3rd quarter. Archer Investment Corp now owns 748 shares of the construction company’s stock valued at $106,000 after buying an additional 88 shares in the last quarter. Pallas Capital Advisors LLC grew its holdings in Owens Corning by 2.7% during the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock valued at $447,000 after buying an additional 104 shares in the last quarter. Park Avenue Securities LLC grew its holdings in Owens Corning by 7.2% during the 3rd quarter. Park Avenue Securities LLC now owns 1,652 shares of the construction company’s stock valued at $234,000 after buying an additional 111 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC grew its holdings in Owens Corning by 0.8% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 14,303 shares of the construction company’s stock valued at $1,626,000 after buying an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of OC stock opened at $121.50 on Friday. The stock has a 50 day moving average price of $113.83 and a 200 day moving average price of $117.00. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.70 and a current ratio of 1.24. The firm has a market capitalization of $9.78 billion, a P/E ratio of -18.38, a P/E/G ratio of 2.06 and a beta of 1.35.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same quarter in the previous year, the business earned $2.97 EPS. Owens Corning’s revenue was down 10.5% compared to the same quarter last year. As a group, sell-side analysts predict that Owens Corning Inc will post 9.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on OC. Barclays cut their price target on Owens Corning from $138.00 to $135.00 and set an “overweight” rating for the company in a report on Wednesday, April 8th. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Truist Financial lifted their target price on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday. JPMorgan Chase & Co. lifted their target price on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Bank of America dropped their target price on Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $144.00.

Owens Corning 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.