Trexquant Investment LP Invests $2.295 Million in Owens Corning (OC)

Trexquant Investment LP bought a new position in shares of Owens Corning (NYSE:OC) during the first quarter, according to its most recent filing with the SEC. The fund bought 37,400 shares of the construction company’s stock, valued at approximately $2,295,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new stake in shares of Owens Corning during the fourth quarter worth approximately $86,565,000. Norges Bank acquired a new stake in shares of Owens Corning during the fourth quarter worth approximately $56,841,000. LSV Asset Management boosted its stake in shares of Owens Corning by 59.4% in the first quarter. LSV Asset Management now owns 1,385,700 shares of the construction company’s stock worth $85,040,000 after buying an additional 516,500 shares during the last quarter. Dana Investment Advisors Inc. boosted its stake in shares of Owens Corning by 4,470.3% in the third quarter. Dana Investment Advisors Inc. now owns 460,049 shares of the construction company’s stock worth $24,562,000 after buying an additional 449,983 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Owens Corning by 177.2% in the fourth quarter. Renaissance Technologies LLC now owns 681,300 shares of the construction company’s stock worth $35,128,000 after buying an additional 435,500 shares during the last quarter.

Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

Owens Corning (NYSE:OC) traded up 0.82% during trading on Friday, hitting $61.50. 701,283 shares of the company traded hands. The stock has a market capitalization of $6.88 billion, a PE ratio of 16.12 and a beta of 1.09. The company’s 50 day moving average is $61.17 and its 200-day moving average is $56.61. Owens Corning has a 52 week low of $46.45 and a 52 week high of $63.85.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, April 26th. The construction company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.24. Owens Corning had a net margin of 6.92% and a return on equity of 10.75%. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the business posted $0.53 earnings per share. Owens Corning’s quarterly revenue was up 20.1% on a year-over-year basis. Analysts predict that Owens Corning will post $4.00 earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: This piece was posted by Transcript Daily and is owned by of Transcript Daily. If you are reading this piece on another website, it was stolen and republished in violation of United States & international copyright legislation. The legal version of this piece can be accessed at https://transcriptdaily.com/2017/05/20/trexquant-investment-lp-invests-2-295-million-in-owens-corning-oc.html.

A number of analysts recently commented on OC shares. Jefferies Group LLC restated a “buy” rating and set a $71.00 price target (up from $65.00) on shares of Owens Corning in a research note on Saturday, March 11th. Royal Bank of Canada restated an “outperform” rating and set a $71.00 price target (up from $67.00) on shares of Owens Corning in a research note on Thursday, April 27th. Stifel Nicolaus restated a “buy” rating and set a $64.00 price target on shares of Owens Corning in a research note on Thursday, February 9th. Wedbush upgraded shares of Owens Corning from a “neutral” rating to an “outperform” rating and upped their price target for the company from $58.00 to $72.00 in a research note on Friday, March 31st. Finally, Zacks Investment Research raised shares of Owens Corning from a “sell” rating to a “hold” rating and set a $66.00 target price on the stock in a report on Saturday, February 11th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $61.50.

In other Owens Corning news, Director Ralph F. Hake sold 8,149 shares of the business’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $60.00, for a total transaction of $488,940.00. Following the transaction, the director now owns 44,546 shares in the company, valued at $2,672,760. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brian Chambers sold 10,000 shares of the business’s stock in a transaction on Monday, March 20th. The shares were sold at an average price of $61.95, for a total transaction of $619,500.00. Following the transaction, the insider now owns 32,688 shares in the company, valued at approximately $2,025,021.60. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Owens Corning Company Profile

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.

12 Month Chart for NYSE:OC

Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply