Owens Corning (OC) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a research report released on Saturday. The brokerage currently has $105.00 price objective on the construction company’s stock.

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. “

OC has been the subject of a number of other reports. Zelman & Associates downgraded shares of Owens Corning from a buy rating to a hold rating in a research report on Friday, January 5th. Argus began coverage on shares of Owens Corning in a research report on Wednesday, December 6th. They set a buy rating and a $109.00 target price for the company. Royal Bank of Canada raised shares of Owens Corning from an outperform rating to a top pick rating in a research report on Monday, December 4th. SunTrust Banks increased their target price on shares of Owens Corning to $85.00 and gave the company a hold rating in a research report on Tuesday, November 21st. Finally, Bank of America increased their target price on shares of Owens Corning from $84.00 to $97.00 and gave the company a buy rating in a research report on Friday, November 17th. Nine analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $82.24.

Shares of Owens Corning (NYSE:OC) opened at $94.15 on Friday. Owens Corning has a 52-week low of $50.77 and a 52-week high of $94.99. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99. The stock has a market cap of $10,470.00, a PE ratio of 28.10, a price-to-earnings-growth ratio of 1.18 and a beta of 1.09.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing the Zacks’ 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 the consensus estimate of $1.63 billion. During the same period in the previous year, the company posted $1.09 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. equities analysts predict that Owens Corning will post 4.34 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd will be paid a $0.21 dividend. The ex-dividend date is Friday, December 29th. This is a boost from Owens Corning’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 0.89%. Owens Corning’s dividend payout ratio is currently 25.07%.

In other Owens Corning news, CFO Michael C. Mcmurray sold 18,000 shares of the stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $90.78, for a total value of $1,634,040.00. Following the sale, the chief financial officer now directly owns 52,228 shares in the company, valued at approximately $4,741,257.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Ava Harter sold 487 shares of the stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $81.96, for a total transaction of $39,914.52. The disclosure for this sale can be found here. Insiders sold a total of 129,933 shares of company stock worth $11,196,722 over the last quarter. Corporate insiders own 1.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of OC. Investec Asset Management LTD purchased a new stake in shares of Owens Corning during the 3rd quarter valued at $75,591,000. Allianz Asset Management GmbH raised its position in shares of Owens Corning by 22.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock valued at $139,112,000 after buying an additional 328,726 shares in the last quarter. FMR LLC raised its position in shares of Owens Corning by 118.4% during the 2nd quarter. FMR LLC now owns 572,911 shares of the construction company’s stock valued at $38,339,000 after buying an additional 310,559 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Owens Corning by 213.0% during the 3rd quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock valued at $33,792,000 after buying an additional 297,311 shares in the last quarter. Finally, Columbus Circle Investors purchased a new stake in shares of Owens Corning during the 3rd quarter valued at $21,351,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

TRADEMARK VIOLATION WARNING: This story was originally published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this story on another domain, it was illegally stolen and republished in violation of US and international copyright and trademark legislation. The original version of this story can be read at https://www.dispatchtribunal.com/2018/01/10/owens-corning-oc-upgraded-to-buy-at-zacks-investment-research.html.

Owens Corning Company Profile

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.

Get a free copy of the Zacks research report on Owens Corning (OC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Owens Corning (NYSE:OC)

Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply