Owens Corning Inc (NYSE:OC) Receives Average Recommendation of “Hold” from Brokerages

Owens Corning Inc (NYSE:OC) has received an average recommendation of “Hold” from the seventeen analysts that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $157.6667.

Several brokerages have weighed in on OC. Vertical Research started coverage on Owens Corning in a research note on Monday, October 20th. They issued a “hold” rating on the stock. Evercore ISI set a $121.00 price target on Owens Corning in a report on Thursday, November 6th. Zacks Research lowered shares of Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Bank of America cut their price objective on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating for the company in a research report on Wednesday, October 1st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th.

Institutional Trading of Owens Corning

Several hedge funds have recently modified their holdings of OC. Vanguard Group Inc. grew its holdings in Owens Corning by 1.3% during the second quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company’s stock worth $1,367,977,000 after acquiring an additional 131,795 shares during the period. State Street Corp grew its stake in shares of Owens Corning by 2.3% during the 3rd quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock worth $514,205,000 after purchasing an additional 81,133 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock valued at $339,930,000 after purchasing an additional 957,295 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of Owens Corning by 0.7% in 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 purchasing an additional 15,927 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Owens Corning by 6.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company’s stock worth $273,101,000 after buying an additional 110,452 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Up 1.5%

Shares of NYSE:OC opened at $114.20 on Thursday. Owens Corning has a 1-year low of $97.53 and a 1-year high of $203.71. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. The stock has a market cap of $9.39 billion, a P/E ratio of -19.97, a P/E/G ratio of 9.15 and a beta of 1.34. The firm has a fifty day moving average price of $120.49 and a 200 day moving average price of $135.36.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 5th. The construction company reported $3.67 EPS for the quarter, beating 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 business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same period in the prior year, the company earned $4.38 earnings per share. The business’s revenue was down 2.9% compared to the same quarter last year. Sell-side analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 6th. Shareholders of record on Monday, October 20th were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, October 20th. Owens Corning’s payout ratio is currently -48.25%.

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.