Zacks Investment Research Lowers Owens Corning (OC) to Hold

Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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. “

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Several other analysts have also recently weighed in on OC. Zelman & Associates cut shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, January 5th. MKM Partners lifted their price target on shares of Owens Corning to $86.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. Royal Bank of Canada set a $102.00 price target on shares of Owens Corning and gave the company a “buy” rating in a report on Friday, February 23rd. Credit Suisse Group reiterated an “outperform” rating and issued a $110.00 price target (up previously from $95.00) on shares of Owens Corning in a report on Monday, January 22nd. They noted that the move was a valuation call. Finally, Seaport Global Securities lifted their price target on shares of Owens Corning from $90.00 to $107.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $87.95.

Shares of OC stock opened at $79.08 on Wednesday. The firm has a market cap of $9,018.01, a price-to-earnings ratio of 31.01, a P/E/G ratio of 0.79 and a beta of 1.08. Owens Corning has a fifty-two week low of $59.26 and a fifty-two week high of $96.52. The company has a quick ratio of 0.89, a current ratio of 1.55 and a debt-to-equity ratio of 0.57.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, February 21st. The construction company reported $1.11 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.07. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Owens Corning had a net margin of 4.53% and a return on equity of 12.26%. The firm’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 earnings per share. equities analysts expect that Owens Corning will post 5.73 EPS for the current year.

In related news, insider Arnaud Genis sold 59,541 shares of the company’s stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $81.32, for a total value of $4,841,874.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Ava Harter sold 1,100 shares of the company’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $84.00, for a total transaction of $92,400.00. The disclosure for this sale can be found here. Insiders own 1.80% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Owens Corning by 20.9% in the 4th quarter. BlackRock Inc. now owns 7,357,067 shares of the construction company’s stock worth $676,411,000 after purchasing an additional 1,273,051 shares in the last quarter. Bank of Montreal Can boosted its stake in Owens Corning by 1.3% in the 4th quarter. Bank of Montreal Can now owns 2,330,788 shares of the construction company’s stock worth $214,292,000 after purchasing an additional 28,893 shares in the last quarter. LSV Asset Management boosted its stake in Owens Corning by 0.5% in the 4th quarter. LSV Asset Management now owns 1,970,691 shares of the construction company’s stock worth $181,185,000 after purchasing an additional 9,884 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in Owens Corning by 5.3% in the 4th quarter. Allianz Asset Management GmbH now owns 1,894,037 shares of the construction company’s stock worth $174,137,000 after purchasing an additional 95,571 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Owens Corning by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 1,361,187 shares of the construction company’s stock worth $125,094,000 after purchasing an additional 51,140 shares in the last quarter. Institutional investors own 92.57% of the company’s stock.

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Owens Corning Company Profile

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.

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