Norges Bank Acquires Shares of 1,070,035 Owens Corning Inc $OC

Norges Bank acquired a new stake in Owens Corning Inc (NYSE:OC) in the fourth quarter, Holdings Channel.com reports. The firm acquired 1,070,035 shares of the construction company’s stock, valued at approximately $119,748,000.

Other large investors have also made changes to their positions in the company. Harbour Investments Inc. lifted its position in shares of Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after buying an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Owens Corning in the 4th quarter worth $37,000. Measured Wealth Private Client Group LLC acquired a new position in Owens Corning during the third quarter worth $42,000. Global Retirement Partners LLC lifted its holdings in Owens Corning by 1,173.3% during the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock valued at $43,000 after purchasing an additional 352 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in Owens Corning during the fourth quarter valued at $49,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

Owens Corning stock opened at $120.41 on Friday. The company has a fifty day simple moving average of $117.15 and a 200-day simple moving average of $117.16. The firm has a market capitalization of $9.70 billion, a price-to-earnings ratio of -18.22, a PEG ratio of 2.18 and a beta of 1.34. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.21. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same period last year, the firm posted $2.97 earnings per share. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. On average, equities analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

OC has been the subject of a number of research reports. Evercore set a $139.00 target price on shares of Owens Corning in a research note on Thursday, May 7th. Weiss Ratings lowered shares of Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 18th. 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 report on Thursday, May 7th. Barclays boosted their price objective on Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Finally, Wells Fargo & Company raised their target price on Owens Corning from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. One 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.82.

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the business’s 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 transaction, the vice president owned 3,093 shares in the company, valued at approximately $374,005.56. This represents a 38.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.92% of the company’s stock.

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.