Macquarie Upgrades Owens Corning Inc (OC) to “Neutral”

Owens Corning Inc (NYSE:OC) was upgraded by investment analysts at Macquarie from an “underperform” rating to a “neutral” rating in a report issued on Tuesday, The Fly reports.

A number of other equities research analysts have also recently weighed in on OC. Jefferies Group LLC reissued a “buy” rating and issued a $71.00 price target (up from $65.00) on shares of Owens Corning in a research report on Saturday, March 11th. KeyCorp lifted their price objective on shares of Owens Corning from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Wednesday, March 22nd. Wedbush upgraded shares of Owens Corning from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $58.00 to $72.00 in a research note on Friday, March 31st. Zacks Investment Research lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Wednesday, April 12th. Finally, Nomura began coverage on shares of Owens Corning in a research note on Wednesday, April 12th. They issued a “buy” rating and a $74.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Owens Corning currently has a consensus rating of “Hold” and a consensus target price of $62.16.

Analyst Recommendations for Owens Corning (NYSE:OC)

Owens Corning (OC) opened at 65.84 on Tuesday. The firm has a market capitalization of $7.37 billion, a P/E ratio of 17.26 and a beta of 1.04. Owens Corning has a 52-week low of $46.45 and a 52-week high of $66.16. The company has a 50 day moving average price of $62.57 and a 200 day moving average price of $58.59.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, April 26th. The construction company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.24. Owens Corning had a net margin of 7.38% and a return on equity of 11.56%. The firm had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the company earned $0.53 earnings per share. Owens Corning’s quarterly revenue was up 20.1% compared to the same quarter last year. On average, equities analysts forecast that Owens Corning will post $4.01 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 2nd. Investors of record on Monday, July 17th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.22%. The ex-dividend date is Thursday, July 13th. Owens Corning’s dividend payout ratio (DPR) is 21.00%.

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In other news, insider Arnaud Genis sold 21,544 shares of the stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $65.44, for a total value of $1,409,839.36. Following the completion of the sale, the insider now owns 80,143 shares of the company’s stock, valued at $5,244,557.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James J. Mcmonagle sold 2,000 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $64.60, for a total transaction of $129,200.00. Following the completion of the sale, the director now directly owns 50,906 shares of the company’s stock, valued at approximately $3,288,527.60. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Point72 Asia Hong Kong Ltd raised its stake in Owens Corning by 457.1% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock valued at $141,000 after buying an additional 1,888 shares during the last quarter. IFP Advisors Inc raised its stake in Owens Corning by 45.3% in the first quarter. IFP Advisors Inc now owns 2,558 shares of the construction company’s stock valued at $157,000 after buying an additional 798 shares during the last quarter. Penserra Capital Management LLC raised its stake in Owens Corning by 9.5% in the first quarter. Penserra Capital Management LLC now owns 2,668 shares of the construction company’s stock valued at $163,000 after buying an additional 232 shares during the last quarter. First Republic Investment Management Inc. acquired a new stake in Owens Corning during the fourth quarter valued at about $202,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in Owens Corning during the first quarter valued at about $203,000.

About Owens Corning

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. 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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “OC”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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