Owens Corning (OC) Receives New Coverage from Analysts at Wells Fargo & Co.
OC has been the topic of several other reports. Zacks Investment Research raised shares of Owens Corning from a hold rating to a buy rating and set a $55.00 target price on the stock in a research report on Wednesday, June 29th. Citigroup Inc. increased their target price on shares of Owens Corning from $41.00 to $43.00 and gave the stock a sell rating in a research report on Friday, July 29th. FBR & Co increased their target price on shares of Owens Corning from $53.00 to $57.00 and gave the stock a market perform rating in a research report on Friday, July 29th. Credit Suisse Group AG started coverage on shares of Owens Corning in a report on Thursday, August 11th. They set an underperform rating and a $51.00 price target for the company. Finally, Bank of America Corp. started coverage on shares of Owens Corning in a report on Friday, September 23rd. They set a neutral rating and a $59.00 price target for the company. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. Owens Corning currently has an average rating of Hold and a consensus target price of $54.75.
Owens Corning (NYSE:OC) traded up 0.72% during trading on Thursday, hitting $53.36. The stock had a trading volume of 125,862 shares. The stock has a 50-day moving average price of $53.50 and a 200-day moving average price of $51.28. Owens Corning has a 52 week low of $38.96 and a 52 week high of $58.69. The company has a market cap of $6.12 billion, a PE ratio of 15.06 and a beta of 1.60.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, July 27th. The company reported $1.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.43. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.46 billion. Owens Corning had a net margin of 7.52% and a return on equity of 10.57%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.76 earnings per share. Equities analysts predict 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. Investors of record on Monday, October 17th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend is Thursday, October 13th. Owens Corning’s dividend payout ratio is currently 20.28%.
In other Owens Corning news, Chairman Michael H. Thaman sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $53.19, for a total value of $7,978,500.00. Following the transaction, the chairman now directly owns 835,189 shares of the company’s stock, valued at $44,423,702.91. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Arnaud Genis sold 66,619 shares of the firm’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $54.68, for a total transaction of $3,642,726.92. Following the completion of the transaction, the insider now directly owns 101,538 shares in the company, valued at $5,552,097.84. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Acrospire Investment Management LLC acquired a new position in shares of Owens Corning during the first quarter worth about $109,000. Tower Research Capital LLC TRC acquired a new position in shares of Owens Corning during the second quarter worth about $171,000. NN Investment Partners Holdings N.V. acquired a new position in shares of Owens Corning during the first quarter worth about $179,000. Societe Generale acquired a new position in shares of Owens Corning during the second quarter worth about $208,000. Finally, Ingalls & Snyder LLC acquired a new position in shares of Owens Corning during the second quarter worth about $224,000.
Owens Corning Company Profile
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.
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