Summit Global Investments Lowers Stake in Owens Corning (NYSE:OC)

Summit Global Investments cut its holdings in Owens Corning (NYSE:OC) by 15.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,553 shares of the construction company’s stock after selling 2,815 shares during the quarter. Summit Global Investments’ holdings in Owens Corning were worth $2,305,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Contravisory Investment Management Inc. acquired a new position in Owens Corning in the 4th quarter valued at $27,000. Bruce G. Allen Investments LLC acquired a new position in shares of Owens Corning during the fourth quarter worth about $27,000. VisionPoint Advisory Group LLC raised its holdings in Owens Corning by 53.0% during the third quarter. VisionPoint Advisory Group LLC now owns 254 shares of the construction company’s stock worth $35,000 after purchasing an additional 88 shares in the last quarter. BluePath Capital Management LLC purchased a new position in Owens Corning during the third quarter worth about $36,000. Finally, Blue Trust Inc. lifted its position in Owens Corning by 42.2% in the fourth quarter. Blue Trust Inc. now owns 263 shares of the construction company’s stock valued at $36,000 after purchasing an additional 78 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Owens Corning

In other news, insider Gunner Smith sold 657 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $153.36, for a total transaction of $100,757.52. Following the sale, the insider now owns 37,587 shares in the company, valued at $5,764,342.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Gunner Smith sold 657 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $153.36, for a total transaction of $100,757.52. Following the completion of the transaction, the insider now owns 37,587 shares of the company’s stock, valued at approximately $5,764,342.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The disclosure for this sale can be found here. In the last three months, insiders sold 11,864 shares of company stock worth $1,819,471. Insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Truist Financial boosted their target price on shares of Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a research report on Thursday, February 15th. Citigroup upped their target price on shares of Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. UBS Group lifted their price target on shares of Owens Corning from $169.00 to $192.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Evercore ISI boosted their price target on Owens Corning from $154.00 to $172.00 and gave the stock an “in-line” rating in a research note on Thursday, April 25th. Finally, Argus raised their price objective on Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $168.21.

Owens Corning Price Performance

OC stock traded up $1.69 during trading on Friday, hitting $174.83. The stock had a trading volume of 680,615 shares, compared to its average volume of 674,480. The stock has a market cap of $15.15 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 5.04 and a beta of 1.45. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.22 and a current ratio of 1.76. The company’s 50 day moving average price is $162.11 and its two-hundred day moving average price is $147.40. Owens Corning has a 1-year low of $103.41 and a 1-year high of $178.24.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 EPS for the quarter, topping analysts’ consensus estimates of $3.04 by $0.55. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.77 earnings per share. On average, sell-side analysts forecast that Owens Corning will post 15.37 EPS for the current fiscal year.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.