Principal Financial Group Inc. Cuts Stake in Owens Corning (NYSE:OC)

Principal Financial Group Inc. trimmed its position in Owens Corning (NYSE:OC) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 335,528 shares of the construction company’s stock after selling 5,371 shares during the period. Principal Financial Group Inc.’s holdings in Owens Corning were worth $49,735,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Contravisory Investment Management Inc. purchased a new stake in Owens Corning during the 4th quarter valued at about $27,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Owens Corning in the fourth quarter valued at approximately $27,000. VisionPoint Advisory Group LLC lifted its position in Owens Corning by 53.0% during the third quarter. VisionPoint Advisory Group LLC now owns 254 shares of the construction company’s stock worth $35,000 after buying an additional 88 shares in the last quarter. Blue Trust Inc. boosted its stake in Owens Corning by 42.2% during the fourth quarter. Blue Trust Inc. now owns 263 shares of the construction company’s stock worth $36,000 after buying an additional 78 shares during the last quarter. Finally, McGlone Suttner Wealth Management Inc. purchased a new stake in Owens Corning in the 4th quarter valued at $55,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OC. Argus upped their price objective on shares of Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Loop Capital upped their price objective on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a report on Monday, April 1st. Barclays cut Owens Corning from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $170.00 to $160.00 in a research note on Monday, February 12th. Royal Bank of Canada upped their price target on Owens Corning from $175.00 to $192.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Finally, UBS Group raised their price objective on Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and an average price target of $168.21.

Owens Corning Price Performance

Shares of OC opened at $179.47 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 0.50. Owens Corning has a fifty-two week low of $105.50 and a fifty-two week high of $181.49. The company has a market cap of $15.55 billion, a P/E ratio of 14.53, a PEG ratio of 5.27 and a beta of 1.45. The firm’s 50 day moving average price is $166.93 and its 200 day moving average price is $151.08.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.55. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same period last year, the firm earned $2.77 earnings per share. The company’s revenue for the quarter was down 1.3% compared to the same quarter last year. On average, research analysts forecast that Owens Corning will post 15.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Owens Corning

In other news, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares of the company’s stock, valued at $3,307,878. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.90% of the stock is owned by corporate insiders.

Owens Corning Company Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.