Zacks Investment Research Lowers Owens Corning (OC) to Hold

Zacks Investment Research cut shares of Owens Corning (NYSE:OC) from a buy rating to a hold rating in a research note published on Friday, January 5th.

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. “

A number of other equities research analysts also recently weighed in on OC. Royal Bank of Canada raised Owens Corning from an outperform rating to a top pick rating in a report on Monday, December 4th. SunTrust Banks lifted their target price on shares of Owens Corning from $66.00 to $75.00 and gave the company a hold rating in a research note on Thursday, October 26th. Stifel Nicolaus reiterated a buy rating and issued a $83.00 target price on shares of Owens Corning in a research note on Thursday, October 26th. Credit Suisse Group lifted their target price on shares of Owens Corning from $90.00 to $95.00 and gave the company an outperform rating in a research note on Friday, November 17th. Finally, Instinet cut shares of Owens Corning from a buy rating to a neutral rating and lifted their target price for the company from $74.00 to $79.00 in a research note on Monday, September 11th. Nine equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Owens Corning currently has a consensus rating of Buy and a consensus price target of $83.36.

Owens Corning (NYSE OC) opened at $95.49 on Friday. The firm has a market capitalization of $10,620.00, a PE ratio of 28.50, a price-to-earnings-growth ratio of 1.18 and a beta of 1.09. Owens Corning has a 1-year low of $50.77 and a 1-year high of $95.53. 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 (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.01). Owens Corning had a net margin of 5.64% and a return on equity of 9.57%. The business had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business posted $1.09 earnings per share. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. equities research analysts anticipate that Owens Corning will post 4.34 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders 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 0.88%. The ex-dividend date of this dividend is Friday, December 29th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.20. Owens Corning’s payout ratio is currently 25.07%.

In other news, Director John David Williams sold 3,684 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $88.64, for a total value of $326,549.76. Following the completion of the transaction, the director now owns 24,762 shares of the company’s stock, valued at approximately $2,194,903.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael C. Mcmurray sold 18,000 shares of the business’s stock in a transaction on Monday, December 4th. The shares were sold at an average price of $90.78, for a total transaction of $1,634,040.00. Following the completion of the transaction, the chief financial officer now directly owns 52,228 shares of the company’s stock, valued at approximately $4,741,257.84. The disclosure for this sale can be found here. Insiders have sold a total of 129,933 shares of company stock valued at $11,196,722 in the last ninety days. Company insiders own 1.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in OC. Investec Asset Management LTD acquired a new position in Owens Corning in the 3rd quarter worth $75,591,000. Allianz Asset Management GmbH boosted its stake in Owens Corning by 22.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock worth $139,112,000 after purchasing an additional 328,726 shares during the period. FMR LLC boosted its stake in Owens Corning by 118.4% in the 2nd quarter. FMR LLC now owns 572,911 shares of the construction company’s stock worth $38,339,000 after purchasing an additional 310,559 shares during the period. Principal Financial Group Inc. boosted its stake in Owens Corning by 213.0% in the 3rd quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock worth $33,792,000 after purchasing an additional 297,311 shares during the period. Finally, LSV Asset Management boosted its stake in Owens Corning by 21.2% in the 2nd quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock worth $112,432,000 after purchasing an additional 294,400 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

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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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