IHT Wealth Management LLC lowered its stake in Owens Corning Inc (NYSE:OC) by 54.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 96 shares of the construction company’s stock after selling 114 shares during the period. IHT Wealth Management LLC’s holdings in Owens Corning were worth $136,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Creative Planning raised its holdings in shares of Owens Corning by 104.3% in the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after buying an additional 1,043 shares during the last quarter. Point72 Asia Hong Kong Ltd raised its holdings in shares of Owens Corning by 457.1% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock worth $141,000 after buying an additional 1,888 shares during the last quarter. Penserra Capital Management LLC raised its holdings in shares of Owens Corning by 11.1% in the second quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock worth $198,000 after buying an additional 296 shares during the last quarter. First Bank & Trust raised its holdings in shares of Owens Corning by 3.6% in the second quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock worth $202,000 after buying an additional 104 shares during the last quarter. Finally, Meridian Wealth Management LLC purchased a new position in shares of Owens Corning in the second quarter worth $227,000. 96.84% of the stock is owned by institutional investors and hedge funds.
Owens Corning Inc (NYSE:OC) traded up 0.30% during mid-day trading on Thursday, reaching $80.09. 71,676 shares of the company traded hands. Owens Corning Inc has a 52 week low of $46.45 and a 52 week high of $80.12. The firm has a market capitalization of $8.91 billion, a price-to-earnings ratio of 23.01 and a beta of 1.05. The stock’s 50 day moving average price is $75.37 and its 200 day moving average price is $66.87.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.12. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. Owens Corning’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.29 EPS. Equities analysts forecast that Owens Corning Inc will post $4.32 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Shareholders of record on Monday, October 16th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, October 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.00%. Owens Corning’s payout ratio is currently 23.05%.
In other news, Chairman Michael H. Thaman sold 130,700 shares of the stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $74.95, for a total value of $9,795,965.00. Following the completion of the transaction, the chairman now owns 847,992 shares in the company, valued at approximately $63,557,000.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael C. Mcmurray sold 14,000 shares of the stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $76.52, for a total transaction of $1,071,280.00. Following the completion of the transaction, the chief financial officer now owns 40,903 shares of the company’s stock, valued at approximately $3,129,897.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 212,866 shares of company stock valued at $15,644,970. 1.80% of the stock is owned by insiders.
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A number of research analysts have issued reports on OC shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $83.00 price target on shares of Owens Corning in a report on Friday, September 1st. Wells Fargo & Company raised shares of Owens Corning from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $68.00 to $83.00 in a report on Wednesday, August 30th. Instinet cut shares of Owens Corning from a “buy” rating to a “neutral” rating and raised their target price for the stock from $74.00 to $79.00 in a report on Monday, September 11th. Jefferies Group LLC reissued a “buy” rating and set a $72.00 target price on shares of Owens Corning in a report on Sunday, July 9th. Finally, KeyCorp reissued a “buy” rating and set a $84.00 target price on shares of Owens Corning in a report on Wednesday, September 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $73.53.
Owens Corning Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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