Owens Corning (NYSE:OC) Raised to Buy at Wall Street Zen

Owens Corning (NYSE:OC) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other analysts have also recently commented on the company. Evercore reaffirmed an “outperform” rating and issued a $193.00 target price on shares of Owens Corning in a research report on Thursday, July 23rd. Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Royal Bank Of Canada increased their price objective on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a research note on Friday, July 10th. Truist Financial set a $198.00 price objective on Owens Corning in a research report on Thursday. Finally, JPMorgan Chase & Co. lifted their target price on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $163.25.

Owens Corning Stock Up 0.1%

Shares of NYSE:OC opened at $157.22 on Friday. The firm has a 50 day simple moving average of $136.74 and a 200 day simple moving average of $125.16. Owens Corning has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The company has a market cap of $12.43 billion, a PE ratio of -19.51, a price-to-earnings-growth ratio of 2.73 and a beta of 1.32.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the previous year, the company posted $4.21 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. As a group, research analysts expect that Owens Corning will post 9.65 earnings per share for the current year.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Hedge funds and other institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System acquired a new position in Owens Corning during the first quarter worth $2,576,000. BNP Paribas Financial Markets lifted its position in shares of Owens Corning by 178.2% in the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company’s stock worth $20,888,000 after buying an additional 119,566 shares during the last quarter. Raiffeisen Bank International AG boosted its stake in shares of Owens Corning by 12.4% during the 4th quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company’s stock worth $39,976,000 after acquiring an additional 38,885 shares in the last quarter. Systematic Financial Management LP increased its holdings in shares of Owens Corning by 10.8% during the 4th quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company’s stock valued at $27,355,000 after acquiring an additional 23,873 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Owens Corning by 1,243.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 39,134 shares of the construction company’s stock valued at $4,379,000 after acquiring an additional 36,222 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

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.