Moran Wealth Management LLC Has $6.88 Million Stock Holdings in Owens Corning Inc $OC

Moran Wealth Management LLC increased its holdings in shares of Owens Corning Inc (NYSE:OC) by 6.0% in the first quarter, Holdings Channel.com reports. The firm owned 63,525 shares of the construction company’s stock after purchasing an additional 3,597 shares during the quarter. Moran Wealth Management LLC’s holdings in Owens Corning were worth $6,875,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Pitcairn Co. boosted its holdings in shares of Owens Corning by 4.6% in the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after buying an additional 80 shares during the period. First Pacific Financial raised its holdings in shares of Owens Corning by 2.3% during the first quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock worth $406,000 after acquiring an additional 85 shares during the period. Viawealth LLC raised its holdings in shares of Owens Corning by 3.6% during the fourth quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock worth $287,000 after acquiring an additional 88 shares during the period. Fifth Third Wealth Advisors LLC lifted its position in Owens Corning by 2.9% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock valued at $343,000 after acquiring an additional 90 shares in the last quarter. Finally, Pallas Capital Advisors LLC lifted its position in Owens Corning by 2.7% in the 4th quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock valued at $447,000 after acquiring an additional 104 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Mari Doerfler sold 1,926 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $374,005.56. This trade represents a 38.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the sale, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This 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. 0.92% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Truist Financial boosted their target price on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a report on Thursday, May 7th. Wells Fargo & Company increased their target price on Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Evercore raised shares of Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 price target on the stock in a research report on Tuesday. Finally, Barclays raised their price target on Owens Corning from $135.00 to $144.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $150.58.

Owens Corning Stock Down 0.0%

Shares of NYSE OC opened at $151.01 on Friday. The company’s 50 day moving average price is $125.26 and its 200-day moving average price is $120.43. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a market capitalization of $12.16 billion, a P/E ratio of -22.85, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30.

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

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.1%. Owens Corning’s payout ratio is -47.81%.

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.