Owens Corning (NYSE:OC) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Owens Corning (NYSE:OC) from a hold rating to a strong sell rating in a research report sent to investors on Wednesday,Zacks.com reports.

A number of other analysts have also weighed in on OC. Truist Financial dropped their price objective on Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research note on Thursday, October 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Owens Corning in a research report on Wednesday, October 8th. Evercore ISI decreased their price objective on shares of Owens Corning from $169.00 to $153.00 and set an “in-line” rating on the stock in a research report on Tuesday, October 7th. Wells Fargo & Company upped their price objective on shares of Owens Corning from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Finally, Bank of America cut their target price on Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a research note on Wednesday, October 1st. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $178.31.

Owens Corning Stock Performance

NYSE OC opened at $126.29 on Wednesday. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of 32.80, a PEG ratio of 9.25 and a beta of 1.32. The company has a 50-day simple moving average of $145.18 and a two-hundred day simple moving average of $141.43. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. Owens Corning has a 12-month low of $123.23 and a 12-month high of $214.53.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating analysts’ consensus estimates of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same quarter in the previous year, the company posted $4.64 EPS. Owens Corning’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, equities analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning’s dividend payout ratio is presently 71.69%.

Institutional Trading of Owens Corning

Hedge funds and other institutional investors have recently modified their holdings of the business. Twin Peaks Wealth Advisors LLC purchased a new position in Owens Corning during the 2nd quarter valued at about $26,000. Bangor Savings Bank purchased a new position in Owens Corning during the second quarter valued at $28,000. Rexford Capital Inc. bought a new stake in Owens Corning in the second quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning in the 2nd quarter worth about $30,000. Finally, Vermillion & White Wealth Management Group LLC grew its holdings in shares of Owens Corning by 149.4% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after buying an additional 133 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.