Owens Corning (OC) Rating Increased to Buy at Zacks Investment Research
Owens Corning (NYSE:OC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The brokerage presently has a $59.00 target price on the stock. Zacks Investment Research’s target price would suggest a potential upside of 11.13% from the stock’s previous close.
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. “
Several other research firms also recently weighed in on OC. Jefferies Group restated a “buy” rating and issued a $63.00 price objective (up from $61.00) on shares of Owens Corning in a report on Thursday, July 28th. RBC Capital Markets restated an “outperform” rating and issued a $62.00 price objective (up from $57.00) on shares of Owens Corning in a report on Thursday, July 28th. MKM Partners restated a “sell” rating on shares of Owens Corning in a report on Thursday, July 28th. Vertical Research upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 27th. Finally, FBR & Co decreased their price objective on Owens Corning from $57.00 to $56.00 and set a “market perform” rating for the company in a report on Thursday, October 27th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $55.24.
Shares of Owens Corning (NYSE:OC) opened at 53.09 on Friday. Owens Corning has a one year low of $38.96 and a one year high of $58.69. The stock has a market cap of $6.02 billion, a P/E ratio of 14.86 and a beta of 1.15. The stock’s 50 day moving average is $50.75 and its 200-day moving average is $52.14.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, October 26th. The company reported $1.09 earnings per share for the quarter, topping the 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 business earned $1.52 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the company earned $0.96 earnings per share. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts forecast that Owens Corning will post $3.51 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date was Thursday, October 13th. Owens Corning’s payout ratio is presently 20.17%.
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A number of hedge funds and other institutional investors have recently made changes to their positions in OC. Vanguard Group Inc. increased its position 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 worth $480,575,000 after buying an additional 194,406 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of 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 worth $284,622,000 after buying an additional 1,889,672 shares during the last quarter. Iridian Asset Management LLC CT bought a new position in shares of Owens Corning during the second quarter worth about $242,405,000. TIAA CREF Investment Management LLC increased its position in shares of 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 worth $200,661,000 after buying an additional 127,866 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Owens Corning by 7.8% in the second quarter. AQR Capital Management LLC now owns 2,731,267 shares of the company’s stock worth $140,715,000 after buying an additional 197,987 shares during the last quarter.
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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