Qsemble Capital Management LP Makes New $7.84 Million Investment in Owens Corning Inc $OC

Qsemble Capital Management LP purchased a new position in shares of Owens Corning Inc (NYSE:OC) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 70,074 shares of the construction company’s stock, valued at approximately $7,842,000.

Several other institutional investors also recently added to or reduced their stakes in OC. Geneos Wealth Management Inc. increased its position in Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after buying an additional 184 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Owens Corning in the second quarter valued at approximately $277,000. EverSource Wealth Advisors LLC increased its holdings in shares of Owens Corning by 1,433.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after purchasing an additional 1,190 shares during the period. Cerity Partners LLC increased its holdings in shares of Owens Corning by 294.3% in the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock valued at $2,389,000 after purchasing an additional 12,966 shares during the period. Finally, Bank of Nova Scotia increased its holdings in shares of Owens Corning by 12.2% in the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock valued at $421,000 after purchasing an additional 333 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Down 5.7%

Owens Corning stock opened at $114.19 on Friday. The stock’s 50 day moving average price is $113.80 and its 200 day moving average price is $116.69. 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 has a market cap of $9.20 billion, a PE ratio of -17.28, a price-to-earnings-growth ratio of 2.20 and a beta of 1.35. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.42.

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

Insider Activity at Owens Corning

In related news, VP Mari Doerfler sold 1,926 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.92% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of recent research reports. Barclays boosted their target price on Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a report on Monday. Truist Financial boosted their target price on Owens Corning from $120.00 to $125.00 and gave the company a “hold” rating in a report on Thursday, May 7th. Royal Bank Of Canada boosted their target price on Owens Corning from $134.00 to $148.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. The Goldman Sachs Group boosted their target price on Owens Corning from $125.00 to $141.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Finally, UBS Group boosted their target price on Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.82.

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.