Owens Corning (OC) Research Coverage Started at Evercore ISI
Evercore ISI assumed coverage on shares of Owens Corning (NYSE:OC) in a research report sent to investors on Monday morning. The brokerage issued a buy rating and a $60.00 price objective on the stock.
Other equities research analysts also recently issued research reports about the company. Wells Fargo & Co. assumed coverage on Owens Corning in a research report on Thursday, September 29th. They issued a market perform rating for the company. Zacks Investment Research downgraded Owens Corning from a buy rating to a hold rating in a research report on Wednesday, October 5th. Citigroup Inc. upped their target price on Owens Corning from $41.00 to $43.00 and gave the stock a sell rating in a research report on Friday, July 29th. Bank of America Corp. assumed coverage on Owens Corning in a research report on Friday, September 23rd. They issued a neutral rating and a $59.00 target price for the company. Finally, Royal Bank Of Canada upped their target price on Owens Corning from $57.00 to $62.00 and gave the stock an outperform rating in a research report on Thursday, July 28th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $54.94.
Shares of Owens Corning (NYSE:OC) traded up 1.91% during midday trading on Monday, hitting $52.24. The stock had a trading volume of 111,970 shares. The stock has a 50 day moving average of $50.91 and a 200-day moving average of $51.82. Owens Corning has a one year low of $38.96 and a one year high of $58.69. The company has a market cap of $5.92 billion, a P/E ratio of 14.62 and a beta of 1.15.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, October 26th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.10. Owens Corning had a return on equity of 10.77% and a net margin of 7.44%. The firm earned $1.52 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the previous year, the business earned $0.96 earnings per share. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. Analysts forecast that Owens Corning will post $3.51 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Thursday, October 13th. Owens Corning’s payout ratio is 20.17%.
In related news, VP Kelly Schmidt sold 13,200 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $54.41, for a total value of $718,212.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Arnaud Genis sold 66,619 shares of the stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total value of $3,642,726.92. Following the completion of the transaction, the insider now directly owns 101,538 shares of the company’s stock, valued at $5,552,097.84. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Acrospire Investment Management LLC raised its position in shares of Owens Corning by 100.0% in the third quarter. Acrospire Investment Management LLC now owns 2,200 shares of the company’s stock worth $117,000 after buying an additional 1,100 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Owens Corning during the third quarter worth about $171,000. Tower Research Capital LLC TRC acquired a new position in shares of Owens Corning during the second quarter worth about $171,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Owens Corning during the third quarter worth about $197,000. Finally, CIBC Asset Management Inc acquired a new position in shares of Owens Corning during the third quarter worth about $200,000.
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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