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.
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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.
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