HITE Hedge Asset Management LLC Has $7.59 Million Holdings in Owens Corning Inc $OC

HITE Hedge Asset Management LLC boosted its stake in shares of Owens Corning Inc (NYSE:OC) by 239.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 67,790 shares of the construction company’s stock after buying an additional 47,790 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Owens Corning were worth $7,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd raised its stake in Owens Corning by 334.8% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 57,000 shares of the construction company’s stock valued at $6,379,000 after purchasing an additional 43,890 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Owens Corning by 124.4% in the 4th quarter. Advisors Asset Management Inc. now owns 792 shares of the construction company’s stock valued at $89,000 after buying an additional 439 shares during the period. HRT Financial LP increased its holdings in Owens Corning by 110.1% in the 4th quarter. HRT Financial LP now owns 140,119 shares of the construction company’s stock valued at $15,680,000 after buying an additional 73,433 shares during the period. Brooklyn Investment Group increased its holdings in Owens Corning by 120.7% in the 4th quarter. Brooklyn Investment Group now owns 3,399 shares of the construction company’s stock valued at $384,000 after buying an additional 1,859 shares during the period. Finally, Cibc World Markets Corp bought a new stake in Owens Corning in the 4th quarter valued at $1,795,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Barclays boosted their price target on shares of Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Truist Financial boosted their price target on shares of Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, May 7th. Wells Fargo & Company boosted their price target on shares of Owens Corning from $135.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings lowered shares of Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 18th. Finally, Royal Bank Of Canada boosted their price target on shares of Owens Corning from $134.00 to $148.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $144.82.

Owens Corning Trading Up 0.0%

Shares of Owens Corning stock opened at $121.43 on Friday. The firm has a market capitalization of $9.78 billion, a PE ratio of -18.37, a price-to-earnings-growth ratio of 2.20 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 company’s fifty day moving average price is $118.75 and its two-hundred day moving average price is $117.88. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.42.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.21. The business had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.97 EPS. On average, analysts expect that Owens Corning Inc will post 9.53 EPS for the current year.

Insider Transactions at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the sale, 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 document filed with the SEC, which is available through the SEC website. Also, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, 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 SEC filing for this sale provides additional information. 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 Company 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.