Merit Financial Group LLC Boosts Stake in Owens Corning Inc $OC

Merit Financial Group LLC boosted its position in Owens Corning Inc (NYSE:OC) by 145.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,958 shares of the construction company’s stock after purchasing an additional 7,091 shares during the period. Merit Financial Group LLC’s holdings in Owens Corning were worth $1,901,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Farther Finance Advisors LLC lifted its stake in shares of Owens Corning by 33.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 4,973 shares of the construction company’s stock worth $790,000 after acquiring an additional 1,256 shares during the last quarter. Ballentine Partners LLC purchased a new position in Owens Corning during the 2nd quarter valued at $282,000. Fifth Third Wealth Advisors LLC grew its position in Owens Corning by 14.4% in the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 3,627 shares of the construction company’s stock valued at $577,000 after acquiring an additional 457 shares during the last quarter. HM Payson & Co. grew its position in Owens Corning by 203.6% in the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after acquiring an additional 112 shares during the last quarter. Finally, Cidel Asset Management Inc. purchased a new stake in Owens Corning in the second quarter worth $271,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Down 2.2%

Shares of Owens Corning stock opened at $155.44 on Thursday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67. The stock has a market cap of $12.29 billion, a price-to-earnings ratio of -19.29, a PEG ratio of 2.76 and a beta of 1.32. The firm’s 50-day moving average is $138.83 and its two-hundred day moving average is $125.84. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the previous year, the business posted $4.21 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, research analysts expect that Owens Corning Inc will post 9.65 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a $0.79 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.0%. Owens Corning’s payout ratio is -39.21%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OC. The Goldman Sachs Group lifted their target price on Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. Wells Fargo & Company raised their price target on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Evercore reiterated an “outperform” rating and set a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. Wall Street Zen raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Bank of America dropped their target price on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $163.25.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, the insider owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by corporate insiders.

Owens Corning 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.