Owens Corning (NYSE:OC) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Owens Corning (NYSE:OC) from a strong sell rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

Other analysts have also issued research reports about the company. Royal Bank Of Canada set a $143.00 price objective on Owens Corning in a report on Friday, January 9th. UBS Group boosted their price target on Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Barclays lowered their price objective on Owens Corning from $138.00 to $135.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 8th. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a research report on Friday, March 27th. Finally, Bank of America lowered their price objective on Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.09.

Owens Corning Stock Down 1.1%

Owens Corning stock opened at $124.10 on Monday. The firm has a market cap of $9.98 billion, a price-to-earnings ratio of -19.39, a PEG ratio of 2.13 and a beta of 1.35. The stock has a fifty day simple moving average of $114.68 and a two-hundred day simple moving average of $117.15. Owens Corning has a 12 month low of $97.53 and a 12 month high of $159.42. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the previous year, the firm earned $3.22 EPS. The business’s revenue was down 16.8% on a year-over-year basis. Equities analysts predict that Owens Corning will post 9.45 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 9th were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Monday, March 9th. Owens Corning’s payout ratio is presently -49.38%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of OC. Geneos Wealth Management Inc. grew its stake in shares of Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after buying an additional 184 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Owens Corning during the second quarter valued at approximately $277,000. EverSource Wealth Advisors LLC grew its stake in shares of Owens Corning by 1,433.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after buying an additional 1,190 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Owens Corning by 294.3% during the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock valued at $2,389,000 after buying an additional 12,966 shares during the last quarter. Finally, Bank of Nova Scotia grew its stake in shares of Owens Corning by 12.2% during the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock valued at $421,000 after buying an additional 333 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.