Owens Corning Inc $OC Shares Sold by Moran Wealth Management LLC

Key Points

• Moran Wealth Management LLC has reduced its stake in Owens Corning Inc by 55.8%, now holding 62,192 shares valued at approximately $8.55 million.
• Institutional investors and hedge funds own 88.40% of Owens Corning's stock, reflecting significant interest from large financial firms.
• Owens Corning reported a quarterly EPS of $4.21, exceeding analysts' expectations and indicating a 10% revenue growth compared to the same quarter the previous year.

Moran Wealth Management LLC decreased its position in Owens Corning Inc (NYSE:OC - Free Report) by 55.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,192 shares of the construction company's stock after selling 78,376 shares during the quarter. Moran Wealth Management LLC owned 0.07% of Owens Corning worth $8,553,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of OC. Vanguard Group Inc. grew its position in Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after acquiring an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Owens Corning by 67.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after buying an additional 957,295 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Owens Corning during the first quarter worth approximately $91,698,000. Millennium Management LLC grew its position in shares of Owens Corning by 179.0% during the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock worth $123,287,000 after buying an additional 553,864 shares in the last quarter. Finally, 140 Summer Partners LP acquired a new stake in shares of Owens Corning during the first quarter worth approximately $46,869,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OC. Royal Bank Of Canada decreased their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Owens Corning in a research report on Wednesday, October 8th. UBS Group decreased their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Evercore ISI decreased their price target on shares of Owens Corning from $169.00 to $153.00 and set an "in-line" rating for the company in a research report on Tuesday, October 7th. Finally, Bank of America decreased their price target on shares of Owens Corning from $180.00 to $168.00 and set a "buy" rating for the company in a research report on Wednesday, October 1st. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Owens Corning has a consensus rating of "Moderate Buy" and a consensus price target of $178.31.

Owens Corning Stock Performance

OC stock opened at $128.15 on Wednesday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The stock has a market capitalization of $10.72 billion, a price-to-earnings ratio of 33.29, a PEG ratio of 9.11 and a beta of 1.32. Owens Corning Inc has a 1 year low of $123.23 and a 1 year high of $214.53. The stock's fifty day moving average is $146.00 and its two-hundred day moving average is $141.64.

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

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning's dividend payout ratio is 71.69%.

About Owens Corning

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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