Summit Financial Wealth Advisors LLC Has $2.34 Million Position in Owens Corning Inc (OC)
Summit Financial Wealth Advisors LLC increased its position in shares of Owens Corning Inc (NYSE:OC) by 80.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,249 shares of the construction company’s stock after purchasing an additional 13,514 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in Owens Corning were worth $2,340,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Creative Planning increased its holdings in Owens Corning by 104.3% in the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock valued at $137,000 after buying an additional 1,043 shares in the last quarter. Penserra Capital Management LLC increased its holdings in Owens Corning by 11.1% in the second quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock valued at $198,000 after buying an additional 296 shares in the last quarter. First Bank & Trust increased its holdings in Owens Corning by 3.6% in the second quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after buying an additional 104 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in Owens Corning in the third quarter valued at about $202,000. Finally, Meridian Wealth Management LLC purchased a new position in Owens Corning in the second quarter valued at about $227,000. 97.61% of the stock is owned by hedge funds and other institutional investors.
Shares of Owens Corning Inc (NYSE:OC) traded down $0.57 during midday trading on Monday, reaching $81.89. 663,400 shares of the company were exchanged, compared to its average volume of 1,006,326. Owens Corning Inc has a 1 year low of $49.80 and a 1 year high of $83.31. The firm has a market capitalization of $9,109.53, a price-to-earnings ratio of 20.37, a P/E/G ratio of 1.43 and a beta of 1.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.99 and a current ratio of 1.66.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.01). Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the business posted $1.09 EPS. The firm’s revenue was up 12.2% compared to the same quarter last year. analysts anticipate that Owens Corning Inc will post 4.32 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend was Friday, October 13th. Owens Corning’s dividend payout ratio is presently 23.88%.
A number of research analysts have issued reports on OC shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $83.00 target price on shares of Owens Corning in a report on Friday, September 1st. Jefferies Group LLC reaffirmed a “buy” rating and issued a $77.00 target price on shares of Owens Corning in a report on Wednesday, July 19th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $79.00 target price on shares of Owens Corning in a report on Friday, July 28th. KeyCorp reaffirmed a “buy” rating and issued a $84.00 target price on shares of Owens Corning in a report on Wednesday, September 13th. Finally, BidaskClub raised shares of Owens Corning from a “sell” rating to a “hold” rating in a report on Friday, August 25th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $76.95.
In other news, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total value of $9,795,965.00. Following the transaction, the chairman now owns 847,992 shares of the company’s stock, valued at approximately $63,557,000.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Kelly Schmidt sold 1,462 shares of the firm’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $70.35, for a total transaction of $102,851.70. The disclosure for this sale can be found here. In the last three months, insiders sold 196,266 shares of company stock worth $14,529,782. Insiders own 1.80% of the company’s stock.
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Owens Corning Company Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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