Costello Asset Management INC Cuts Stock Position in Owens Corning Inc $OC

Costello Asset Management INC cut its holdings in shares of Owens Corning Inc (NYSE:OC) by 85.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,200 shares of the construction company’s stock after selling 12,865 shares during the quarter. Costello Asset Management INC’s holdings in Owens Corning were worth $246,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Clean Energy Transition LLP bought a new position in Owens Corning during the third quarter valued at about $75,203,000. JPMorgan Chase & Co. raised its position in Owens Corning by 99.4% in the third quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company’s stock worth $128,917,000 after acquiring an additional 454,382 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Owens Corning by 65.9% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,136,787 shares of the construction company’s stock valued at $160,810,000 after acquiring an additional 451,547 shares during the last quarter. AQR Capital Management LLC boosted its stake in Owens Corning by 70.9% in the second quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company’s stock valued at $132,102,000 after acquiring an additional 398,440 shares during the last quarter. Finally, Davis Selected Advisers grew its position in shares of Owens Corning by 15.1% during the 4th quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company’s stock valued at $229,035,000 after acquiring an additional 269,216 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

OC has been the topic of a number of research reports. Evercore set a $139.00 price target on shares of Owens Corning in a report on Thursday. JPMorgan Chase & Co. raised their target price on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research report on Friday. Royal Bank Of Canada boosted their target price on Owens Corning from $134.00 to $148.00 and gave the company an “outperform” rating in a research note on Thursday. Barclays dropped their price target on Owens Corning from $138.00 to $135.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 8th. Finally, Bank of America decreased their price objective 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 research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $144.00.

Owens Corning Stock Performance

Owens Corning stock opened at $121.50 on Friday. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.42. The company has a current ratio of 1.24, a quick ratio of 0.70 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $9.78 billion, a PE ratio of -18.38, a price-to-earnings-growth ratio of 2.07 and a beta of 1.35. The firm’s 50 day simple moving average is $113.83 and its 200 day simple moving average is $117.00.

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 firm 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 last year, the firm earned $2.97 EPS. As a group, analysts expect that Owens Corning Inc will post 9.43 earnings per share for the current fiscal year.

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.