Owens Corning Inc (OC) Lowered to “Neutral” at Instinet
Instinet lowered shares of Owens Corning Inc (NYSE:OC) from a buy rating to a neutral rating in a research note released on Monday. Instinet currently has $79.00 price objective on the construction company’s stock, up from their previous price objective of $74.00.
Other equities analysts have also recently issued research reports about the stock. Jefferies Group LLC reaffirmed a buy rating and set a $77.00 price objective on shares of Owens Corning in a research note on Wednesday, July 19th. BidaskClub raised shares of Owens Corning from a hold rating to a buy rating in a research note on Saturday, June 24th. Royal Bank Of Canada reaffirmed a buy rating and set a $71.00 price objective on shares of Owens Corning in a research note on Monday, June 19th. Zacks Investment Research raised shares of Owens Corning from a hold rating to a buy rating and set a $75.00 price target for the company in a research note on Wednesday, June 28th. Finally, Northcoast Research set a $76.00 price target on shares of Owens Corning and gave the stock a buy rating in a research note on Tuesday, June 27th. Eight equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $71.65.
Owens Corning (NYSE OC) traded up 1.108% during mid-day trading on Monday, hitting $75.305. 87,491 shares of the company traded hands. The firm has a 50 day moving average of $69.13 and a 200 day moving average of $64.22. Owens Corning has a one year low of $46.45 and a one year high of $76.84. The firm has a market capitalization of $8.37 billion, a P/E ratio of 21.633 and a beta of 1.04.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.08 by $0.12. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. Owens Corning’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.29 earnings per share. Equities research analysts expect that Owens Corning will post $4.29 earnings per share for the current fiscal year.
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In related news, insider Julian Francis sold 2,679 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $74.12, for a total transaction of $198,567.48. Following the completion of the sale, the insider now directly owns 25,643 shares in the company, valued at approximately $1,900,659.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael C. Mcmurray sold 14,000 shares of the company’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $76.52, for a total transaction of $1,071,280.00. Following the sale, the chief financial officer now owns 40,903 shares of the company’s stock, valued at $3,129,897.56. The disclosure for this sale can be found here. Insiders have sold a total of 105,710 shares of company stock valued at $7,388,045 over the last quarter. 1.80% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. Raymond James Trust N.A. raised its holdings in Owens Corning by 0.4% during the 2nd quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock valued at $476,000 after buying an additional 26 shares during the last quarter. World Asset Management Inc raised its holdings in Owens Corning by 1.1% during the 1st quarter. World Asset Management Inc now owns 4,941 shares of the construction company’s stock valued at $303,000 after buying an additional 52 shares during the last quarter. Laurion Capital Management LP raised its holdings in Owens Corning by 1.8% during the 1st quarter. Laurion Capital Management LP now owns 5,700 shares of the construction company’s stock valued at $350,000 after buying an additional 103 shares during the last quarter. First Bank & Trust raised its holdings in Owens Corning by 3.6% during the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after buying an additional 104 shares during the last quarter. Finally, Vantage Financial Partners Ltd. Inc. bought a new stake in Owens Corning during the 2nd quarter valued at $228,000. Institutional investors own 96.78% of the company’s stock.
Owens Corning Company Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. 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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