Owens Corning Inc (OC) Receives Outperform Rating from Evercore ISI
Evercore ISI restated their outperform rating on shares of Owens Corning Inc (NYSE:OC) in a research report report published on Wednesday morning. They currently have a $80.00 price target on the construction company’s stock, down from their previous price target of $88.00.
A number of other analysts also recently weighed in on the stock. Stifel Nicolaus reissued a buy rating and issued a $83.00 price target on shares of Owens Corning in a report on Friday, September 1st. Wells Fargo & Company raised shares of Owens Corning from a market perform rating to an outperform rating and increased their price target for the company from $68.00 to $83.00 in a report on Wednesday, August 30th. Instinet downgraded shares of Owens Corning from a buy rating to a neutral rating and increased their price target for the company from $74.00 to $79.00 in a report on Monday, September 11th. Jefferies Group LLC reaffirmed a buy rating and set a $72.00 price objective on shares of Owens Corning in a report on Sunday, July 9th. Finally, KeyCorp reaffirmed a buy rating and set a $84.00 price objective on shares of Owens Corning in a report on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have issued a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $73.53.
Owens Corning (NYSE OC) traded down 0.43% during midday trading on Wednesday, hitting $79.51. 574,795 shares of the stock traded hands. The company has a 50-day moving average of $75.37 and a 200-day moving average of $66.87. Owens Corning has a 1-year low of $46.45 and a 1-year high of $80.12. The stock has a market cap of $8.84 billion, a PE ratio of 22.84 and a beta of 1.05.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the prior year, the firm earned $1.29 EPS. The business’s revenue was up 3.4% on a year-over-year basis. On average, equities analysts expect that Owens Corning will post $4.32 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Friday, October 13th. Owens Corning’s dividend payout ratio (DPR) is currently 23.05%.
In other Owens Corning news, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $74.95, for a total value of $9,795,965.00. Following the completion of the sale, the chairman now owns 847,992 shares in the company, valued at approximately $63,557,000.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Brian Chambers sold 16,600 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $67.18, for a total transaction of $1,115,188.00. Following the completion of the sale, the insider now owns 39,957 shares of the company’s stock, valued at approximately $2,684,311.26. The disclosure for this sale can be found here. Insiders have sold a total of 212,866 shares of company stock valued at $15,644,970 in the last quarter. 1.80% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Creative Planning increased its position in Owens Corning by 104.3% in the 2nd quarter. Creative Planning now owns 2,043 shares of the construction company’s stock valued at $137,000 after acquiring an additional 1,043 shares in the last quarter. Point72 Asia Hong Kong Ltd increased its position in Owens Corning by 457.1% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock valued at $141,000 after acquiring an additional 1,888 shares in the last quarter. Penserra Capital Management LLC increased its position in Owens Corning by 11.1% in the 2nd quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock valued at $198,000 after acquiring an additional 296 shares in the last quarter. First Bank & Trust increased its position in Owens Corning by 3.6% in the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after acquiring an additional 104 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new stake in Owens Corning in the 2nd quarter valued at about $227,000. 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.
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