Wealth Enhancement Advisory Services LLC Acquires 24,326 Shares of Owens Corning Inc $OC

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Owens Corning Inc (NYSE:OC) by 61.4% during the second quarter, HoldingsChannel reports. The firm owned 63,971 shares of the construction company’s stock after acquiring an additional 24,326 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Owens Corning were worth $10,169,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in Owens Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock worth $1,092,883,000 after purchasing an additional 84,096 shares in the last quarter. State Street Corp lifted its stake in Owens Corning by 2.3% in the third quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock valued at $514,205,000 after buying an additional 81,133 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Owens Corning by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after acquiring an additional 188,211 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Owens Corning by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company’s stock worth $290,321,000 after acquiring an additional 231,871 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Owens Corning by 22.7% during the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after acquiring an additional 403,803 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on OC. Bank of America reduced their target price on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, April 20th. The Goldman Sachs Group boosted their target price on shares of Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a report on Friday, July 10th. Royal Bank Of Canada upped their price objective on Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research note on Friday, July 10th. 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, Wells Fargo & Company lifted their price target on Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.25.

Owens Corning Stock Performance

NYSE OC opened at $155.44 on Thursday. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The firm’s 50 day simple moving average is $138.83 and its 200 day simple moving average is $125.84. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $12.29 billion, a price-to-earnings ratio of -19.29, a P/E/G ratio of 2.76 and a beta of 1.32.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.Owens Corning’s revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.21 EPS. 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 business also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s payout ratio is presently -39.21%.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by 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.