Owens Corning (OC) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Owens Corning (NYSE:OC) from a buy rating to a hold rating in a research report report published on Wednesday.

According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “

Several other research analysts have also weighed in on OC. Citigroup reaffirmed a sell rating and issued a $69.00 target price (up from $49.00) on shares of Owens Corning in a research report on Tuesday, October 3rd. BidaskClub upgraded Owens Corning from a sell rating to a hold rating in a research note on Friday, August 25th. Credit Suisse Group set a $90.00 price target on Owens Corning and gave the stock an outperform rating in a research note on Tuesday, October 17th. Royal Bank Of Canada reiterated a buy rating on shares of Owens Corning in a research note on Tuesday, October 3rd. Finally, Jefferies Group restated a buy rating and set a $82.00 target price on shares of Owens Corning in a research note on Friday, October 6th. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Owens Corning has an average rating of Buy and an average target price of $81.10.

Owens Corning (NYSE:OC) opened at $88.59 on Wednesday. The company has a current ratio of 1.66, a quick ratio of 0.99 and a debt-to-equity ratio of 0.62. Owens Corning has a 52-week low of $50.77 and a 52-week high of $91.40. The firm has a market capitalization of $9,772.52, a price-to-earnings ratio of 21.85, a P/E/G ratio of 1.32 and a beta of 1.09.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.01). Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The firm had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the company earned $1.09 earnings per share. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. equities analysts predict that Owens Corning will post 4.33 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 0.95%. This is a boost from Owens Corning’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, December 29th. Owens Corning’s dividend payout ratio (DPR) is currently 23.88%.

In other news, Director W Howard Morris sold 2,026 shares of the firm’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $81.95, for a total value of $166,030.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Ava Harter sold 487 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $81.96, for a total value of $39,914.52. The disclosure for this sale can be found here. Insiders have sold a total of 260,633 shares of company stock valued at $20,992,687 over the last ninety days. Insiders own 1.80% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Grove Bank & Trust raised its stake in shares of Owens Corning by 213.5% in the 3rd quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock valued at $126,000 after purchasing an additional 1,110 shares during the period. Creative Planning increased its position in Owens Corning by 104.3% during the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after buying an additional 1,043 shares during the last quarter. Penserra Capital Management LLC increased its position in Owens Corning by 11.1% during the second quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock worth $198,000 after buying an additional 296 shares during the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of Owens Corning during the third quarter worth approximately $202,000. Finally, Worth Venture Partners LLC bought a new stake in shares of Owens Corning during the third quarter worth approximately $213,000. Hedge funds and other institutional investors own 94.55% of the company’s stock.

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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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