Financial Partners Group LLC Increases Position in Owens Corning Inc $OC

Key Points

• Financial Partners Group LLC increased its position in Owens Corning Inc by 23.2%, owning nearly 12,000 shares worth approximately $1.65 million as of the second quarter.
• Owens Corning reported earnings of $4.21 per share for the last quarter, surpassing estimates by $0.41, and its revenue grew by 10% year-over-year to $2.75 billion.
• The company has declared a quarterly dividend of $0.69 per share, which translates to an annual yield of 1.9%, with a payout ratio of 71.69%.

Financial Partners Group LLC lifted its position in Owens Corning Inc (NYSE:OC - Free Report) by 23.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,994 shares of the construction company's stock after purchasing an additional 2,259 shares during the period. Financial Partners Group LLC's holdings in Owens Corning were worth $1,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bangor Savings Bank purchased a new stake in shares of Owens Corning in the second quarter worth $28,000. Wayfinding Financial LLC purchased a new stake in shares of Owens Corning in the first quarter worth $60,000. Geneos Wealth Management Inc. grew its stake in Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock valued at $69,000 after acquiring an additional 184 shares in the last quarter. Archer Investment Corp grew its stake in Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after acquiring an additional 100 shares in the last quarter. Finally, Quarry LP lifted its position in Owens Corning by 36.0% during the first quarter. Quarry LP now owns 676 shares of the construction company's stock valued at $97,000 after purchasing an additional 179 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of NYSE OC opened at $142.83 on Friday. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 12 month low of $123.40 and a 12 month high of $214.53. The company has a 50 day simple moving average of $147.69 and a two-hundred day simple moving average of $142.56. The stock has a market cap of $11.94 billion, a price-to-earnings ratio of 37.10, a PEG ratio of 10.14 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, beating the consensus estimate of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same period in the previous year, the business posted $4.64 EPS. The business's quarterly revenue was up 10.0% compared to the same quarter last year. As a group, analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, October 20th. Owens Corning's payout ratio is currently 71.69%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. UBS Group lowered their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Barclays raised their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Evercore ISI lifted their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Royal Bank Of Canada lowered their target price on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Finally, Wells Fargo & Company lifted their target price on shares of Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and a consensus price target of $185.10.

Owens Corning Company Profile

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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