Owens Corning (OC) Stock Rating Lowered by Zacks Investment Research
Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday.
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. “
A number of other equities analysts have also recently weighed in on OC. FBR & Co upped their price target on Owens Corning from $53.00 to $57.00 and gave the stock a “market perform” rating in a report on Friday, July 29th. Citigroup Inc. boosted their price objective on Owens Corning from $41.00 to $43.00 and gave the stock a “sell” rating in a research note on Friday, July 29th. Credit Suisse Group AG began coverage on Owens Corning in a research note on Thursday, August 11th. They set an “underperform” rating and a $51.00 price objective for the company. Bank of America Corp. began coverage on Owens Corning in a research note on Friday, September 23rd. They set a “neutral” rating and a $59.00 price objective for the company. Finally, Wells Fargo & Co. began coverage on Owens Corning in a research note on Thursday, September 29th. They set a “market perform” rating for the company. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $55.24.
Owens Corning (NYSE:OC) opened at 53.71 on Friday. The stock has a market cap of $6.09 billion, a PE ratio of 15.04 and a beta of 1.15. Owens Corning has a 12-month low of $38.96 and a 12-month high of $58.69. The firm’s 50-day moving average price is $50.75 and its 200 day moving average price is $52.06.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 26th. The company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.10. The company earned $1.52 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Owens Corning had a return on equity of 10.77% and a net margin of 7.44%. Owens Corning’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.96 EPS. Analysts anticipate that Owens Corning will post $3.51 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th were paid a $0.18 dividend. 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 payout ratio is currently 20.17%.
In other news, insider Arnaud Genis sold 66,619 shares of the stock in a transaction 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 sale, the insider now directly owns 101,538 shares in the company, valued at $5,552,097.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by insiders.
Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Owens Corning by 2.1% in the second quarter. Vanguard Group Inc. now owns 9,327,924 shares of the company’s stock valued at $480,575,000 after buying an additional 194,406 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Owens Corning by 52.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,524,491 shares of the company’s stock valued at $284,622,000 after buying an additional 1,889,672 shares during the period. Iridian Asset Management LLC CT acquired a new position in Owens Corning during the second quarter valued at approximately $242,405,000. TIAA CREF Investment Management LLC raised its position in Owens Corning by 3.5% in the third quarter. TIAA CREF Investment Management LLC now owns 3,758,392 shares of the company’s stock valued at $200,661,000 after buying an additional 127,866 shares during the period. Finally, AQR Capital Management LLC raised its position in Owens Corning by 7.8% in the second quarter. AQR Capital Management LLC now owns 2,731,267 shares of the company’s stock valued at $140,715,000 after buying an additional 197,987 shares during the period.
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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