Owens Corning (OC) Downgraded by Zacks Investment Research to Hold
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. “
Other research analysts also recently issued reports about the company. Evercore ISI began coverage on Owens Corning in a research report on Monday, November 14th. They issued a buy rating and a $60.00 price target on the stock. Jefferies Group restated a buy rating and set a $60.00 price objective (down from $63.00) on shares of Owens Corning in a research report on Friday, October 28th. Vertical Research upgraded Owens Corning from a hold rating to a buy rating in a research report on Thursday, October 27th. Vertical Group upgraded Owens Corning from a hold rating to a buy rating and set a $56.00 price objective on the stock in a research report on Thursday, October 27th. Finally, FBR & Co boosted their price objective on Owens Corning from $53.00 to $57.00 and gave the company a market perform rating in a research report on Friday, July 29th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $55.24.
Shares of Owens Corning (NYSE:OC) opened at 53.71 on Friday. The firm has a 50-day moving average price of $50.75 and a 200-day moving average price of $52.06. Owens Corning has a 1-year low of $38.96 and a 1-year high of $58.69. The company has a market capitalization of $6.09 billion, a PE ratio of 15.04 and a beta of 1.15.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $1.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.10. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.32 billion. Owens Corning had a return on equity of 10.77% and a net margin of 7.44%. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 EPS. Equities analysts anticipate that Owens Corning will post $3.51 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.34%. The ex-dividend date was Thursday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 20.17%.
In other Owens Corning news, insider Arnaud Genis sold 66,619 shares of the stock in a transaction dated 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 transaction, the insider now owns 101,538 shares of the company’s stock, valued at $5,552,097.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in OC. Renaissance Technologies LLC bought a new position in Owens Corning during the first quarter valued at $17,924,000. Royal Bank of Canada increased its stake in shares of Owens Corning by 121.4% in the first quarter. Royal Bank of Canada now owns 454,769 shares of the company’s stock valued at $21,501,000 after buying an additional 249,344 shares during the period. BlueMountain Capital Management LLC increased its stake in shares of Owens Corning by 90.3% in the first quarter. BlueMountain Capital Management LLC now owns 18,496 shares of the company’s stock valued at $874,000 after buying an additional 8,778 shares during the period. Raymond James Trust N.A. increased its stake in shares of Owens Corning by 1.0% in the second quarter. Raymond James Trust N.A. now owns 5,122 shares of the company’s stock valued at $264,000 after buying an additional 53 shares during the period. Finally, Fisher Asset Management LLC increased its stake in shares of Owens Corning by 8.6% in the second quarter. Fisher Asset Management LLC now owns 374,744 shares of the company’s stock valued at $20,251,000 after buying an additional 29,697 shares during the period.
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.
Receive News & Stock Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related stocks with our FREE daily email newsletter.