Invenomic Capital Management LP Buys Shares of 163,765 Owens Corning Inc $OC

Invenomic Capital Management LP bought a new stake in shares of Owens Corning Inc (NYSE:OC) during the 4th quarter, Holdings Channel.com reports. The fund bought 163,765 shares of the construction company’s stock, valued at approximately $18,327,000.

Several other hedge funds and other institutional investors have also bought and sold shares of OC. Arrowstreet Capital Limited Partnership boosted its position in Owens Corning by 460.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock valued at $146,940,000 after acquiring an additional 1,078,877 shares in the last quarter. Norges Bank bought a new stake in Owens Corning during the 4th quarter valued at $119,748,000. Gendell Jeffrey L boosted its position in Owens Corning by 349.3% during the 4th quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock valued at $103,188,000 after acquiring an additional 716,839 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Owens Corning by 33.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock valued at $288,332,000 after acquiring an additional 645,773 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in Owens Corning by 51.8% during the 4th quarter. First Trust Advisors LP now owns 1,775,411 shares of the construction company’s stock valued at $198,686,000 after acquiring an additional 605,926 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on OC. JPMorgan Chase & Co. increased their target price on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Bank of America dropped their target price on Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Barclays increased their target price on Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Royal Bank Of Canada increased their target price on Owens Corning from $134.00 to $148.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Finally, Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.82.

Owens Corning Stock Performance

Shares of OC stock opened at $123.88 on Thursday. The firm has a market capitalization of $9.98 billion, a price-to-earnings ratio of -18.74, a price-to-earnings-growth ratio of 2.33 and a beta of 1.34. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. The business has a fifty day moving average of $119.91 and a 200 day moving average of $118.27. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the business posted $2.97 EPS. As a group, research analysts expect that Owens Corning Inc will post 9.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, VP Mari Doerfler sold 1,926 shares of the firm’s stock in a transaction 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 completion of 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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.