Owens Corning (NYSE:OC) Upgraded to Strong-Buy by StockNews.com

StockNews.com upgraded shares of Owens Corning (NYSE:OCGet Rating) from a buy rating to a strong-buy rating in a research note published on Tuesday.

Other analysts also recently issued research reports about the stock. UBS Group reduced their price target on shares of Owens Corning from $137.00 to $128.00 and set a buy rating on the stock in a report on Thursday, July 28th. The Goldman Sachs Group cut their price objective on shares of Owens Corning from $90.00 to $77.00 and set a sell rating for the company in a research report on Thursday, June 23rd. JPMorgan Chase & Co. cut their price objective on shares of Owens Corning from $102.00 to $86.00 in a research report on Friday, July 15th. Barclays cut their price objective on shares of Owens Corning from $100.00 to $91.00 and set an equal weight rating for the company in a research report on Thursday, July 14th. Finally, Bank of America lowered shares of Owens Corning from a buy rating to an underperform rating and cut their price objective for the company from $119.00 to $80.00 in a research report on Friday, June 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $102.92.

Owens Corning Stock Down 5.3 %

Shares of NYSE OC opened at $84.92 on Tuesday. Owens Corning has a 12-month low of $72.97 and a 12-month high of $101.12. The company has a market capitalization of $8.17 billion, a PE ratio of 7.55, a price-to-earnings-growth ratio of 0.74 and a beta of 1.53. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.87 and a quick ratio of 1.23. The firm’s 50-day moving average is $85.39 and its two-hundred day moving average is $87.72.

Owens Corning (NYSE:OCGet Rating) last announced its quarterly earnings results on Wednesday, July 27th. The construction company reported $3.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.52. Owens Corning had a net margin of 12.20% and a return on equity of 26.22%. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the firm earned $2.60 earnings per share. The company’s revenue for the quarter was up 16.2% compared to the same quarter last year. Equities analysts anticipate that Owens Corning will post 12.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 4th. Investors of record on Monday, July 18th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Friday, July 15th. Owens Corning’s dividend payout ratio (DPR) is currently 12.44%.

Insider Buying and Selling

In other Owens Corning news, Director W Howard Morris sold 401 shares of the firm’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $84.01, for a total value of $33,688.01. Following the transaction, the director now directly owns 39,719 shares of the company’s stock, valued at $3,336,793.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Kelly Schmidt sold 1,940 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $91.93, for a total transaction of $178,344.20. Following the completion of the sale, the vice president now directly owns 15,083 shares in the company, valued at $1,386,580.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director W Howard Morris sold 401 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $84.01, for a total value of $33,688.01. Following the sale, the director now owns 39,719 shares of the company’s stock, valued at $3,336,793.19. The disclosure for this sale can be found here. Corporate insiders own 0.44% of the company’s stock.

Institutional Trading of Owens Corning

Several large investors have recently modified their holdings of OC. Quadrant Capital Group LLC grew its stake in Owens Corning by 32.0% in the first quarter. Quadrant Capital Group LLC now owns 487 shares of the construction company’s stock worth $44,000 after purchasing an additional 118 shares in the last quarter. First Bank & Trust grew its stake in Owens Corning by 3.6% in the first quarter. First Bank & Trust now owns 3,461 shares of the construction company’s stock worth $316,000 after purchasing an additional 121 shares in the last quarter. Convergence Investment Partners LLC grew its stake in Owens Corning by 7.6% in the first quarter. Convergence Investment Partners LLC now owns 1,860 shares of the construction company’s stock worth $170,000 after purchasing an additional 132 shares in the last quarter. Lindenwold Advisors grew its stake in Owens Corning by 4.9% in the second quarter. Lindenwold Advisors now owns 2,861 shares of the construction company’s stock worth $213,000 after purchasing an additional 133 shares in the last quarter. Finally, CIBC World Markets Inc. grew its stake in Owens Corning by 1.0% in the fourth quarter. CIBC World Markets Inc. now owns 15,140 shares of the construction company’s stock worth $1,370,000 after purchasing an additional 146 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors and hedge funds.

About Owens Corning

(Get Rating)

Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.

Further Reading

Analyst Recommendations for Owens Corning (NYSE:OC)

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