Owens Corning Inc (NYSE:OC) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Owens Corning Inc (NYSE:OC) have been assigned an average rating of “Moderate Buy” from the twelve brokerages that are currently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $183.80.

A number of equities research analysts have issued reports on the stock. Barclays reduced their price objective on shares of Owens Corning from $179.00 to $167.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They set a “buy” rating and a $183.00 price target for the company. Royal Bank Of Canada lowered their price objective on shares of Owens Corning from $199.00 to $184.00 and set an “outperform” rating on the stock in a research report on Thursday, May 8th. Wolfe Research raised Owens Corning from a “peer perform” rating to an “outperform” rating in a research note on Friday, May 9th. Finally, Loop Capital reduced their target price on shares of Owens Corning from $203.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, May 8th.

Owens Corning Trading Down 0.3%

OC opened at $145.10 on Monday. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. The company has a market cap of $12.34 billion, a P/E ratio of 51.09, a price-to-earnings-growth ratio of 3.83 and a beta of 1.33. The company has a fifty day moving average price of $138.45 and a two-hundred day moving average price of $152.43.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.52 billion. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The business’s revenue was up 25.4% on a year-over-year basis. During the same period last year, the company earned $3.40 earnings per share. Analysts predict that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $2.76 annualized dividend and a dividend yield of 1.90%. Owens Corning’s payout ratio is 97.18%.

Owens Corning declared that its Board of Directors has initiated a stock buyback program on Wednesday, May 14th that allows the company to repurchase 12,000,000 shares. This repurchase authorization allows the construction company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Doliver Advisors LP increased its stake in Owens Corning by 2.4% during the 2nd quarter. Doliver Advisors LP now owns 9,381 shares of the construction company’s stock valued at $1,290,000 after purchasing an additional 221 shares in the last quarter. Kera Capital Partners Inc. bought a new stake in Owens Corning during the 2nd quarter valued at about $238,000. Voya Investment Management LLC increased its stake in Owens Corning by 21.4% during the 1st quarter. Voya Investment Management LLC now owns 82,894 shares of the construction company’s stock valued at $11,839,000 after purchasing an additional 14,606 shares in the last quarter. Strs Ohio bought a new stake in Owens Corning during the 1st quarter valued at about $1,539,000. Finally, Advisors Capital Management LLC increased its stake in Owens Corning by 9.9% during the 1st quarter. Advisors Capital Management LLC now owns 45,410 shares of the construction company’s stock valued at $6,486,000 after purchasing an additional 4,096 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Company Profile

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.