Moran Wealth Management LLC Reduces Holdings in Owens Corning Inc $OC

by · The Cerbat Gem

Moran Wealth Management LLC reduced its position in Owens Corning Inc (NYSE:OC – Free Report) by 33.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 41,457 shares of the construction company’s stock after selling 20,735 shares during the period. Moran Wealth Management LLC’s holdings in Owens Corning were worth $5,865,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Ariel Investments LLC lifted its holdings in Owens Corning by 24.8% during the 2nd quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock worth $19,315,000 after buying an additional 27,871 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Owens Corning by 6.7% during the second quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock worth $62,840,000 after acquiring an additional 28,814 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of Owens Corning by 6.1% during the second quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company’s stock worth $5,779,000 after acquiring an additional 2,421 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Owens Corning by 0.7% during the second quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock valued at $305,291,000 after acquiring an additional 15,927 shares during the period. Finally, Aviva PLC boosted its holdings in Owens Corning by 7.2% in the second quarter. Aviva PLC now owns 60,634 shares of the construction company’s stock valued at $8,338,000 after acquiring an additional 4,091 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on OC. Zacks Research downgraded shares of Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Evercore ISI cut their price objective on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a report on Thursday, December 4th. Royal Bank Of Canada lowered their target price on shares of Owens Corning from $174.00 to $145.00 and set an “outperform” rating for the company in a report on Thursday, November 6th. Truist Financial dropped their target price on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research report on Thursday, October 9th. Finally, Wells Fargo & Company cut their price target on Owens Corning from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Monday, December 15th. Ten equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $148.00.

Check Out Our Latest Research Report on OC

Owens Corning Price Performance

NYSE:OC opened at $117.18 on Friday. The stock has a market capitalization of $9.63 billion, a PE ratio of -20.49, a P/E/G ratio of 10.66 and a beta of 1.35. The firm has a fifty day simple moving average of $111.19 and a 200 day simple moving average of $131.46. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $192.96. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.05.

Owens Corning (NYSE:OC – Get Free Report) last released its quarterly earnings data on Wednesday, November 5th. The construction company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same period in the previous year, the business posted $4.38 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, research analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 21st. Stockholders of record on Monday, January 5th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.7%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date is Monday, January 5th. Owens Corning’s dividend payout ratio is -55.24%.

Owens Corning Profile

(Free Report)

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.

Further Reading

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