Owens Corning (OC) Downgraded by Zacks Investment Research 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. “
OC has been the subject of a number of other research reports. Wells Fargo & Co. initiated coverage on shares of Owens Corning in a report on Thursday, September 29th. They issued a “market perform” rating for the company. Credit Suisse Group AG initiated coverage on shares of Owens Corning in a report on Thursday, August 11th. They issued an “underperform” rating and a $51.00 price objective for the company. Citigroup Inc. raised their price objective on shares of Owens Corning from $41.00 to $43.00 and gave the company a “sell” rating in a report on Friday, July 29th. FBR & Co raised their price objective on shares of Owens Corning from $53.00 to $57.00 and gave the company a “market perform” rating in a report on Friday, July 29th. Finally, MKM Partners reiterated a “sell” rating on shares of Owens Corning in a report on Thursday, July 28th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $54.75.
Owens Corning (NYSE:OC) opened at 53.11 on Wednesday. The firm has a 50-day moving average of $53.42 and a 200-day moving average of $51.51. The company has a market cap of $6.09 billion, a price-to-earnings ratio of 14.99 and a beta of 1.41. Owens Corning has a 52 week low of $38.96 and a 52 week high of $58.69.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, July 27th. The company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.43. The firm earned $1.55 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Owens Corning had a net margin of 7.52% and a return on equity of 10.57%. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.76 earnings per share. Equities analysts forecast that Owens Corning will post $3.45 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend is Thursday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 20.28%.
In other news, Chairman Michael H. Thaman sold 150,000 shares of Owens Corning stock in a transaction on Monday, August 1st. The stock was sold at an average price of $53.19, for a total transaction of $7,978,500.00. Following the sale, the chairman now directly owns 835,189 shares in the company, valued at approximately $44,423,702.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director W Howard Morris sold 4,000 shares of Owens Corning stock in a transaction on Friday, July 29th. The stock was sold at an average price of $53.25, for a total value of $213,000.00. Following the sale, the director now owns 38,769 shares in the company, valued at $2,064,449.25. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in OC. Acrospire Investment Management LLC purchased a new stake in shares of Owens Corning during the first quarter valued at $109,000. Tower Research Capital LLC TRC purchased a new stake in shares of Owens Corning during the second quarter valued at $171,000. NN Investment Partners Holdings N.V. purchased a new stake in shares of Owens Corning during the first quarter valued at $179,000. Societe Generale purchased a new stake in shares of Owens Corning during the second quarter valued at $208,000. Finally, Ingalls & Snyder LLC purchased a new stake in shares of Owens Corning during the second quarter valued at $224,000.
About Owens Corning
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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