Voss Capital LP Takes $12.87 Million Position in Owens Corning Inc $OC

Voss Capital LP bought a new stake in Owens Corning Inc (NYSE:OC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 115,000 shares of the construction company’s stock, valued at approximately $12,870,000. Owens Corning makes up approximately 0.6% of Voss Capital LP’s holdings, making the stock its 26th biggest holding. Voss Capital LP owned approximately 0.14% of Owens Corning at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OC. Geneos Wealth Management Inc. increased its stake in shares of Owens Corning by 61.7% in the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after buying an additional 184 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Owens Corning in the second quarter valued at $277,000. EverSource Wealth Advisors LLC increased its stake in shares of Owens Corning by 1,433.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after buying an additional 1,190 shares in the last quarter. Cerity Partners LLC increased its stake in shares of Owens Corning by 294.3% in the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock valued at $2,389,000 after buying an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia increased its stake in shares of Owens Corning by 12.2% in the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock valued at $421,000 after buying an additional 333 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning 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 transaction, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the transaction, the vice president owned 3,093 shares in the company, valued at $374,005.56. This trade represents a 38.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.92% of the company’s stock.

Owens Corning Price Performance

Owens Corning stock opened at $121.43 on Friday. The firm has a market capitalization of $9.78 billion, a P/E ratio of -18.37, a PEG ratio of 2.20 and a beta of 1.34. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42. The business has a 50-day moving average of $118.75 and a 200-day moving average of $117.88. 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 (NYSE:OC) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.21. The company had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.97 EPS. On average, equities analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on OC shares. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Truist Financial lifted their price objective on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research report on Thursday, May 7th. Royal Bank Of Canada lifted their price objective on Owens Corning from $134.00 to $148.00 and gave the stock an “outperform” rating in a research report on Thursday, May 7th. UBS Group lifted their price objective on Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Finally, Weiss Ratings lowered Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.82.

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.