First Mercantile Trust Co. Has $267,000 Position in Owens Corning (OC)
First Mercantile Trust Co. lowered its position in shares of Owens Corning (NYSE:OC) by 30.8% during the second quarter, Holdings Channel reports. The institutional investor owned 5,175 shares of the company’s stock after selling 2,300 shares during the period. First Mercantile Trust Co.’s holdings in Owens Corning were worth $267,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of OC. Virginia Retirement Systems ET AL purchased a new position in Owens Corning during the second quarter worth $587,000. Vanguard Group Inc. raised its position in Owens Corning by 2.1% in the second quarter. Vanguard Group Inc. now owns 9,327,924 shares of the company’s stock worth $480,575,000 after buying an additional 194,406 shares during the last quarter. Principal Financial Group Inc. raised its position in Owens Corning by 44.8% in the second quarter. Principal Financial Group Inc. now owns 1,622,646 shares of the company’s stock worth $83,599,000 after buying an additional 502,161 shares during the last quarter. AJO LP raised its position in Owens Corning by 50.0% in the second quarter. AJO LP now owns 1,008,031 shares of the company’s stock worth $51,934,000 after buying an additional 335,901 shares during the last quarter. Finally, Hancock Holding Co. purchased a new position in Owens Corning during the second quarter worth $858,000.
Owens Corning (NYSE:OC) opened at 53.39 on Monday. The firm has a 50-day moving average of $53.48 and a 200-day moving average of $51.34. Owens Corning has a 1-year low of $38.96 and a 1-year high of $58.69. The stock has a market cap of $6.13 billion, a PE ratio of 15.07 and a beta of 1.41.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.43. Owens Corning had a return on equity of 10.57% and a net margin of 7.52%. The company earned $1.55 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the company posted $0.76 earnings per share. Owens Corning’s revenue for the quarter was up 10.1% on a year-over-year basis. Analysts expect that Owens Corning will post $3.45 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date is Thursday, October 13th. Owens Corning’s payout ratio is presently 20.28%.
OC has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Wednesday, June 29th. Wedbush raised their price target on shares of Owens Corning from $52.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, July 6th. Jefferies Group reissued a “buy” rating on shares of Owens Corning in a research report on Wednesday, July 6th. Goldman Sachs Group Inc. raised shares of Owens Corning from a “sell” rating to a “neutral” rating and raised their price target for the company from $51.00 to $58.00 in a research report on Monday, July 11th. Finally, Royal Bank Of Canada raised their price target on shares of Owens Corning from $57.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, July 28th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $54.75.
In other news, Director W Howard Morris sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $53.25, for a total transaction of $213,000.00. Following the completion of the transaction, the director now directly owns 38,769 shares of the company’s stock, valued at approximately $2,064,449.25. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Arnaud Genis sold 66,619 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total value of $3,642,726.92. Following the transaction, the insider now directly owns 101,538 shares of the company’s stock, valued at $5,552,097.84. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.
About Owens Corning
Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. 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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