KeyCorp Reiterates “Buy” Rating for Owens Corning (OC)
Owens Corning (NYSE:OC)‘s stock had its “buy” rating restated by equities researchers at KeyCorp in a research note issued to investors on Friday. They currently have a $115.00 price target on the construction company’s stock. KeyCorp’s price objective would indicate a potential upside of 19.89% from the stock’s previous close. KeyCorp also issued estimates for Owens Corning’s FY2018 earnings at $5.07 EPS.
Other analysts also recently issued reports about the stock. Royal Bank of Canada reissued a “buy” rating on shares of Owens Corning in a report on Tuesday, October 3rd. Bank of America increased their price target on shares of Owens Corning from $84.00 to $97.00 and gave the stock a “buy” rating in a report on Friday, November 17th. Jefferies Group reissued a “buy” rating and set a $82.00 price target on shares of Owens Corning in a report on Friday, October 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price objective on shares of Owens Corning in a report on Thursday, October 26th. Finally, Argus assumed coverage on shares of Owens Corning in a report on Wednesday, December 6th. They set a “buy” rating and a $109.00 price objective on the stock. Nine equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $84.77.
Shares of Owens Corning (NYSE OC) traded up $0.43 during midday trading on Friday, reaching $95.92. 701,900 shares of the company were exchanged, compared to its average volume of 758,778. Owens Corning has a 12-month low of $52.48 and a 12-month high of $95.99. The stock has a market capitalization of $10,670.00, a P/E ratio of 28.63, a PEG ratio of 1.18 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99.
In other news, Director W Howard Morris sold 2,026 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $81.95, for a total value of $166,030.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael C. Mcmurray sold 18,000 shares of the stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $90.78, for a total transaction of $1,634,040.00. Following the completion of the sale, the chief financial officer now owns 52,228 shares of the company’s stock, valued at $4,741,257.84. The disclosure for this sale can be found here. Insiders sold 129,933 shares of company stock valued at $11,196,722 over the last quarter. Company insiders own 1.80% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Grove Bank & Trust raised its position in shares of Owens Corning by 213.5% in the third quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock valued at $126,000 after buying an additional 1,110 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Owens Corning in the third quarter valued at about $202,000. Worth Venture Partners LLC acquired a new stake in shares of Owens Corning in the third quarter valued at about $213,000. Advisors Asset Management Inc. increased its position in Owens Corning by 214.4% during the third quarter. Advisors Asset Management Inc. now owns 2,764 shares of the construction company’s stock worth $214,000 after purchasing an additional 1,885 shares during the last quarter. Finally, Csenge Advisory Group acquired a new stake in Owens Corning during the third quarter worth about $245,000. Institutional investors and hedge funds own 94.55% of the company’s stock.
About Owens Corning
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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