Owens Corning (NYSE:OC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a research note published on Saturday.

A number of other analysts have also issued reports on OC. JPMorgan Chase & Co. lifted their price target on Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Wells Fargo & Company increased their price objective on Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Barclays raised their price objective on Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a report on Thursday. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Finally, Bank of America decreased their price target on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $163.25.

Owens Corning Stock Down 2.2%

OC stock opened at $153.64 on Friday. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The firm has a 50-day simple moving average of $137.36 and a 200-day simple moving average of $125.39. The stock has a market capitalization of $12.15 billion, a P/E ratio of -19.06, a P/E/G ratio of 2.73 and a beta of 1.32.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the previous year, the firm posted $4.21 EPS. Owens Corning’s revenue was up .3% compared to the same quarter last year. Equities analysts forecast that Owens Corning will post 9.65 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were given a dividend of $0.79 per share. The ex-dividend date was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.1%. Owens Corning’s dividend payout ratio (DPR) is presently -39.21%.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider owned 15,848 shares of the company’s stock, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. HM Payson & Co. grew its holdings in shares of Owens Corning by 203.6% in the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after purchasing an additional 112 shares during the period. Itau Unibanco Holding S.A. acquired a new position in Owens Corning in the 4th quarter valued at about $29,000. Cassaday & Co Wealth Management LLC acquired a new position in Owens Corning in the 1st quarter valued at about $30,000. Harbour Investments Inc. grew its stake in shares of Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after buying an additional 129 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Owens Corning during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.