Bank of Nova Scotia Has $21.29 Million Stock Position in Owens Corning (NYSE:OC)

Bank of Nova Scotia raised its stake in Owens Corning (NYSE:OCFree Report) by 9,571.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,616 shares of the construction company’s stock after buying an additional 142,131 shares during the period. Bank of Nova Scotia owned 0.16% of Owens Corning worth $21,287,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in OC. Invesco Ltd. raised its stake in shares of Owens Corning by 156.1% during the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after acquiring an additional 906,782 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Owens Corning by 6,116.6% during the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock valued at $123,415,000 after acquiring an additional 819,201 shares during the last quarter. Norges Bank bought a new position in shares of Owens Corning during the fourth quarter valued at $118,251,000. Federated Hermes Inc. raised its stake in shares of Owens Corning by 1,602.4% during the third quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock valued at $64,868,000 after acquiring an additional 447,606 shares during the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of Owens Corning by 15.1% during the fourth quarter. Nordea Investment Management AB now owns 717,743 shares of the construction company’s stock valued at $106,556,000 after acquiring an additional 94,185 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insider Activity

In other news, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction dated Thursday, March 14th. The shares were 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 in the company, valued at $3,307,878. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the transaction, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Monaco Nicolas Del sold 3,423 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $176.47, for a total transaction of $604,056.81. Following the transaction, the insider now owns 11,381 shares in the company, valued at $2,008,405.07. The disclosure for this sale can be found here. Insiders sold 16,885 shares of company stock worth $2,940,053 over the last three months. 0.89% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on OC. Argus raised their price target on shares of Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Barclays downgraded shares of Owens Corning from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $170.00 to $160.00 in a research note on Monday, February 12th. Evercore ISI lifted their target price on shares of Owens Corning from $154.00 to $172.00 and gave the stock an “in-line” rating in a research note on Thursday, April 25th. Jefferies Financial Group began coverage on shares of Owens Corning in a research note on Wednesday, May 22nd. They set a “buy” rating and a $215.00 target price for the company. Finally, Citigroup lifted their target price on shares of Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $172.07.

View Our Latest Research Report on Owens Corning

Owens Corning Stock Up 1.6 %

OC traded up $2.85 during midday trading on Friday, hitting $181.07. The company had a trading volume of 1,116,387 shares, compared to its average volume of 517,323. Owens Corning has a 52 week low of $105.56 and a 52 week high of $183.32. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $15.69 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 5.39 and a beta of 1.45. The stock’s 50 day moving average price is $171.26 and its 200 day moving average price is $155.87.

Owens Corning (NYSE:OCGet Free Report) last posted its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.55. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The business’s revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.77 earnings per share. On average, research analysts anticipate that Owens Corning will post 15.48 earnings per share for the current fiscal year.

About Owens Corning

(Free Report)

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.

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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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