Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research raised Owens Corning from a hold rating to a buy rating and set a $60.00 price target on the stock in a research note on Wednesday, September 28th. Bank of America Corp. began coverage on Owens Corning in a research note on Friday, September 23rd. They issued a neutral rating and a $59.00 price target on the stock. Credit Suisse Group AG began coverage on Owens Corning in a research note on Thursday, August 11th. They issued an underperform rating and a $51.00 price target on the stock. Citigroup Inc. upped their price target on Owens Corning from $41.00 to $43.00 and gave the stock a sell rating in a research note on Friday, July 29th. Finally, FBR & Co upped their price target on Owens Corning from $53.00 to $57.00 and gave the stock a market perform rating in a research note on Friday, July 29th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $54.75.
Shares of Owens Corning (NYSE:OC) opened at 53.11 on Thursday. Owens Corning has a 12 month low of $38.96 and a 12 month high of $58.69. The stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 14.99 and a beta of 1.41. The stock’s 50 day moving average price is $53.42 and its 200 day moving average price is $51.51.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.43. The company 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 firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 earnings per share. Analysts expect that Owens Corning will post $3.45 EPS for the current 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 given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Thursday, October 13th. Owens Corning’s payout ratio is 20.28%.
In related news, insider Arnaud Genis sold 66,619 shares of the stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total transaction of $3,642,726.92. Following the completion of the sale, the insider now owns 101,538 shares in the company, valued at $5,552,097.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Kelly Schmidt sold 13,200 shares of the stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $54.41, for a total value of $718,212.00. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Fisher Asset Management LLC boosted its stake in Owens Corning by 8.6% in the second quarter. Fisher Asset Management LLC now owns 374,744 shares of the company’s stock valued at $20,251,000 after buying an additional 29,697 shares in the last quarter. Bank of Montreal Can acquired a new stake in Owens Corning during the second quarter valued at about $33,777,000. Geode Capital Management LLC boosted its stake in Owens Corning by 19.4% in the first quarter. Geode Capital Management LLC now owns 820,853 shares of the company’s stock valued at $38,809,000 after buying an additional 133,178 shares in the last quarter. LSV Asset Management acquired a new stake in Owens Corning during the second quarter valued at about $2,766,000. Finally, UBS Group AG boosted its stake in Owens Corning by 12.3% in the first quarter. UBS Group AG now owns 41,231 shares of the company’s stock valued at $1,949,000 after buying an additional 4,525 shares in the last quarter.
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.
Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.