Owens Corning (NYSE:OC) Stock Crosses Below 200-Day Moving Average Following Analyst Downgrade

Owens Corning Inc (NYSE:OC) shares passed below its 200-day moving average during trading on Tuesday after Weiss Ratings downgraded the stock from a sell (d+) rating to a sell (d-) rating. The stock has a 200-day moving average of $126.13 and traded as low as $122.23. Owens Corning shares last traded at $122.8190, with a volume of 859,575 shares changing hands.

Several other brokerages have also recently weighed in on OC. Wall Street Zen cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Evercore set a $185.00 target price on Owens Corning in a report on Thursday, October 1st. Vertical Research cut shares of Owens Corning from a “hold” rating to a “sell” rating and set a $106.00 price target for the company. in a report on Wednesday, October 7th. DA Davidson set a $143.00 target price on Owens Corning in a research note on Friday, October 9th. Finally, Royal Bank Of Canada dropped their price target on shares of Owens Corning from $127.00 to $119.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $140.93.

Insider Transactions at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares in the company, valued at approximately $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Owens Corning

Several hedge funds and other institutional investors have recently modified their holdings of the stock. HM Payson & Co. grew its stake in Owens Corning by 203.6% during the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock worth $27,000 after buying an additional 112 shares during the last quarter. Fiduciary Financial Advisors acquired a new stake in shares of Owens Corning during the 2nd quarter worth approximately $35,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Owens Corning during the 1st quarter valued at $30,000. NBH Bank bought a new stake in Owens Corning in the second quarter valued at about $47,000. Finally, Heritage Family Offices LLP acquired a new position in Owens Corning in the third quarter valued at about $37,000. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Down 3.3%

The company has a debt-to-equity ratio of 1.33, a current ratio of 1.13 and a quick ratio of 0.58. The stock has a market cap of $9.47 billion, a price-to-earnings ratio of -23.09, a price-to-earnings-growth ratio of 3.06 and a beta of 1.31. The firm has a 50 day simple moving average of $121.31 and a two-hundred day simple moving average of $126.13.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.07 by ($0.63). The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.62 billion. Owens Corning had a positive return on equity of 19.14% and a negative net margin of 4.42%. Owens Corning’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.67 earnings per share. As a group, sell-side analysts expect that Owens Corning Inc will post 8.47 EPS for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Monday, October 19th were issued a $0.79 dividend. The ex-dividend date of this dividend was Monday, October 19th. This represents a $3.16 annualized dividend and a dividend yield of 2.6%. Owens Corning’s payout ratio is -59.40%.

Owens Corning Company Profile

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works’ fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.