Zacks Investment Research upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a research report sent to investors on Wednesday. They currently have $60.00 price target on the stock.
According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “
OC has been the topic of a number of other reports. Stifel Nicolaus raised their price target on Owens Corning from $55.00 to $61.00 and gave the company a buy rating in a report on Thursday, July 28th. Citigroup Inc. raised their price target on Owens Corning from $41.00 to $43.00 and gave the company a sell rating in a report on Friday, July 29th. MKM Partners reissued a sell rating on shares of Owens Corning in a report on Thursday, July 28th. Goldman Sachs Group Inc. upgraded Owens Corning from a sell rating to a neutral rating and raised their price objective for the company from $51.00 to $58.00 in a research report on Monday, July 11th. Finally, FBR & Co raised their price objective on Owens Corning from $53.00 to $57.00 and gave the company a market perform rating in a research report on Friday, July 29th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. Owens Corning has a consensus rating of Hold and an average target price of $54.75.
Shares of Owens Corning (NYSE:OC) opened at 53.39 on Wednesday. The company has a market cap of $6.13 billion, a price-to-earnings ratio of 15.07 and a beta of 1.41. The stock has a 50 day moving average price of $53.48 and a 200-day moving average price of $51.34. Owens Corning has a 1-year low of $38.96 and a 1-year high of $58.69.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.43. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Owens Corning had a return on equity of 10.57% and a net margin of 7.52%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm earned $0.76 earnings per share. Equities research analysts forecast that Owens Corning will post $3.45 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Thursday, October 13th. Owens Corning’s dividend payout ratio is presently 20.28%.
In related news, Director W Howard Morris sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $53.25, for a total value of $213,000.00. Following the completion of the transaction, the director now owns 38,769 shares of the company’s stock, valued at $2,064,449.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Daniel T. Smith sold 1,300 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $54.01, for a total transaction of $70,213.00. Following the completion of the transaction, the vice president now directly owns 60,275 shares of the company’s stock, valued at approximately $3,255,452.75. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Fisher Asset Management LLC increased its position in shares of Owens Corning by 8.6% in the second quarter. Fisher Asset Management LLC now owns 374,744 shares of the company’s stock worth $20,251,000 after buying an additional 29,697 shares during the period. Bank of Montreal Can acquired a new position in shares of Owens Corning during the second quarter worth approximately $33,777,000. Geode Capital Management LLC increased its position in shares of Owens Corning by 19.4% in the first quarter. Geode Capital Management LLC now owns 820,853 shares of the company’s stock worth $38,809,000 after buying an additional 133,178 shares during the period. LSV Asset Management acquired a new position in shares of Owens Corning during the second quarter worth approximately $2,766,000. Finally, UBS Group AG increased its position in shares of Owens Corning by 12.3% in the first quarter. UBS Group AG now owns 41,231 shares of the company’s stock worth $1,949,000 after buying an additional 4,525 shares during the period.
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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