Owens Corning’s (OC) “Buy” Rating Reiterated at Jefferies Group LLC
Jefferies Group LLC restated their buy rating on shares of Owens Corning Inc (NYSE:OC) in a research note issued to investors on Friday. They currently have a $82.00 price objective on the construction company’s stock.
Several other equities research analysts also recently issued reports on OC. Royal Bank Of Canada reaffirmed a buy rating on shares of Owens Corning in a report on Tuesday, October 3rd. Citigroup Inc. reaffirmed a sell rating and set a $69.00 price target (up previously from $49.00) on shares of Owens Corning in a report on Tuesday, October 3rd. Stifel Nicolaus reaffirmed a buy rating and set a $83.00 price target on shares of Owens Corning in a report on Friday, July 28th. BidaskClub raised Owens Corning from a sell rating to a hold rating in a report on Friday, August 25th. Finally, Macquarie raised Owens Corning from an underperform rating to a neutral rating and raised their price target for the company from $54.00 to $68.00 in a report on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the stock. Owens Corning presently has a consensus rating of Buy and an average price target of $72.47.
Owens Corning (OC) opened at 79.25 on Friday. The company has a market cap of $8.81 billion, a price-to-earnings ratio of 22.77 and a beta of 1.05. The company’s 50-day moving average is $74.33 and its 200-day moving average is $66.43. Owens Corning has a 12 month low of $46.45 and a 12 month high of $79.44.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.12. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter last year, the firm posted $1.29 EPS. The company’s quarterly revenue was up 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Owens Corning will post $4.32 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Friday, October 13th. Owens Corning’s payout ratio is currently 23.05%.
In other Owens Corning news, Chairman Michael H. Thaman sold 130,700 shares of Owens Corning stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $74.95, for a total value of $9,795,965.00. Following the transaction, the chairman now owns 847,992 shares in the company, valued at $63,557,000.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Brian Chambers sold 16,600 shares of Owens Corning stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $67.18, for a total value of $1,115,188.00. Following the completion of the transaction, the insider now owns 39,957 shares in the company, valued at approximately $2,684,311.26. The disclosure for this sale can be found here. Insiders sold 212,866 shares of company stock worth $15,644,970 in the last 90 days. 1.80% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. Geneva Advisors LLC grew its position in Owens Corning by 6.2% in the second quarter. Geneva Advisors LLC now owns 10,380 shares of the construction company’s stock valued at $695,000 after acquiring an additional 603 shares during the last quarter. Marshall Wace North America L.P. grew its position in Owens Corning by 317.3% in the second quarter. Marshall Wace North America L.P. now owns 92,940 shares of the construction company’s stock valued at $6,227,000 after acquiring an additional 70,667 shares during the last quarter. Aviva PLC grew its position in Owens Corning by 14.3% in the second quarter. Aviva PLC now owns 39,967 shares of the construction company’s stock valued at $2,674,000 after acquiring an additional 5,000 shares during the last quarter. JPMorgan Chase & Co. grew its position in Owens Corning by 17.0% in the first quarter. JPMorgan Chase & Co. now owns 472,051 shares of the construction company’s stock valued at $28,969,000 after acquiring an additional 68,626 shares during the last quarter. Finally, Northpointe Capital LLC grew its position in Owens Corning by 4.6% in the second quarter. Northpointe Capital LLC now owns 40,348 shares of the construction company’s stock valued at $2,700,000 after acquiring an additional 1,778 shares during the last quarter. Hedge funds and other institutional investors own 96.84% 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.
Receive News & Stock Ratings for Owens Corning Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning Inc and related stocks with our FREE daily email newsletter.