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.
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.
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.
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