Merit Financial Group LLC Has $1.90 Million Holdings in Owens Corning Inc $OC

Key Points

• Merit Financial Group increased its Owens Corning holdings by 145.7% in the second quarter, ending with 11,958 shares valued at approximately $1.90 million. Institutional investors collectively own 88.4% of the company.
• Owens Corning exceeded quarterly expectations, reporting $3.93 in adjusted earnings per share versus the $3.09 consensus estimate and revenue of $2.76 billion. Analysts project full-year earnings of $9.65 per share.
• The company maintains a quarterly dividend of $0.79, equivalent to an annualized $3.16 payout and a 2.0% yield. Wall Street’s consensus rating is “Moderate Buy,” with an average price target of $163.25.

Merit Financial Group LLC raised its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 145.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,958 shares of the construction company's stock after acquiring an additional 7,091 shares during the quarter. Merit Financial Group LLC's holdings in Owens Corning were worth $1,901,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Geneos Wealth Management Inc. boosted its holdings in shares of Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock worth $69,000 after purchasing an additional 184 shares during the period. Sivia Capital Partners LLC purchased a new position in Owens Corning during the second quarter valued at approximately $277,000. EverSource Wealth Advisors LLC increased its stake in Owens Corning by 1,433.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company's stock valued at $175,000 after buying an additional 1,190 shares during the period. Cerity Partners LLC increased its stake in Owens Corning by 294.3% in the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company's stock valued at $2,389,000 after buying an additional 12,966 shares during the period. Finally, Bank of Nova Scotia lifted its position in Owens Corning by 12.2% in the 2nd quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company's stock worth $421,000 after buying an additional 333 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Price Performance

NYSE OC opened at $155.44 on Thursday. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $12.29 billion, a PE ratio of -19.29, a price-to-earnings-growth ratio of 2.76 and a beta of 1.32. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.91. The company has a 50 day moving average price of $138.83 and a two-hundred day moving average price of $125.84.

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

Owens Corning Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OC. Citigroup lifted their target price on shares of Owens Corning from $149.00 to $177.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Bank of America cut their price objective on Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a report on Monday, April 20th. Zacks Research raised Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Wall Street Zen upgraded Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, JPMorgan Chase & Co. upped their target price on Owens Corning from $115.00 to $121.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and a consensus price target of $163.25.

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the 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 transaction, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

About Owens Corning

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.

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