Guinness Asset Management LTD Has $7.12 Million Stock Position in Owens Corning Inc $OC

Guinness Asset Management LTD increased its position in shares of Owens Corning Inc (NYSE:OC) by 24.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 63,039 shares of the construction company’s stock after purchasing an additional 12,573 shares during the period. Guinness Asset Management LTD’s holdings in Owens Corning were worth $7,120,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in OC. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Owens Corning during the 4th quarter worth approximately $37,000. Root Financial Partners LLC purchased a new stake in shares of Owens Corning in the third quarter worth approximately $39,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Owens Corning in the third quarter worth approximately $42,000. Global Retirement Partners LLC raised its stake in shares of Owens Corning by 1,173.3% in the fourth quarter. Global Retirement Partners LLC now owns 382 shares of the construction company’s stock worth $43,000 after purchasing an additional 352 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Owens Corning in the fourth quarter worth approximately $49,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on OC. Evercore set a $139.00 price objective on Owens Corning in a research note on Thursday, May 7th. Weiss Ratings downgraded Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday. Truist Financial increased their price objective on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, May 7th. Bank of America lowered their price objective on Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, Barclays increased 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. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned 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 stock presently has an average rating of “Moderate Buy” and an average price target of $144.82.

Owens Corning Stock Performance

OC stock opened at $117.53 on Friday. The firm has a market cap of $9.46 billion, a PE ratio of -17.78, a P/E/G ratio of 2.11 and a beta of 1.35. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27. The business has a 50 day moving average of $114.29 and a 200-day moving average of $116.24. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.42.

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

Insider Activity

In other news, VP Mari Doerfler sold 1,926 shares of the company’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 completion of the transaction, the vice president directly owned 3,093 shares of the company’s stock, valued at $374,005.56. This represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

About Owens Corning

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.