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, January 6th. They currently have $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. “
A number of other equities research analysts have also recently weighed in on the stock. Royal Bank of Canada upgraded shares of Owens Corning from an outperform rating to a top pick rating in a research note on Monday, December 4th. SunTrust Banks lifted their price objective 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 price target on shares of Owens Corning in a research report on Thursday, October 26th. Credit Suisse Group boosted their price target on shares of Owens Corning from $90.00 to $95.00 and gave the stock an outperform rating in a research report on Friday, November 17th. Finally, Instinet cut shares of Owens Corning from a buy rating to a neutral rating and boosted their price target for the stock from $74.00 to $79.00 in a research report on Monday, September 11th. Nine equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Owens Corning presently has a consensus rating of Buy and a consensus price target of $84.77.
Shares of Owens Corning (NYSE:OC) opened at $93.57 on Friday. Owens Corning has a one year low of $52.48 and a one year high of $96.25. The company has a current ratio of 1.66, a quick ratio of 0.99 and a debt-to-equity ratio of 0.62. The firm has a market cap of $10,410.00, a PE ratio of 27.93, a P/E/G 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 for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the firm earned $1.09 earnings per share. Owens Corning’s revenue for the quarter was up 12.2% compared to the same quarter last year. research analysts predict that Owens Corning will post 4.34 EPS for the current year.
The business also recently disclosed 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 annualized dividend and a yield of 0.90%. The ex-dividend date of this dividend is Friday, December 29th. This is an increase from Owens Corning’s previous quarterly dividend of $0.20. Owens Corning’s payout ratio is presently 25.07%.
In other Owens Corning news, VP Ava Harter sold 487 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $81.96, for a total transaction of $39,914.52. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Michael H. Thaman sold 101,600 shares of the business’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $85.33, for a total value of $8,669,528.00. Following the sale, the chairman now owns 840,370 shares in the company, valued at approximately $71,708,772.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,933 shares of company stock worth $11,196,722. Corporate insiders own 1.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Raymond James Trust N.A. grew its stake in Owens Corning by 0.4% during the 2nd quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock valued at $476,000 after acquiring an additional 26 shares in the last quarter. Vantage Financial Partners Ltd. Inc. purchased a new position in Owens Corning during the 2nd quarter valued at about $228,000. The Manufacturers Life Insurance Company grew its stake in Owens Corning by 9.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,689 shares of the construction company’s stock valued at $247,000 after acquiring an additional 304 shares in the last quarter. Brandywine Global Investment Management LLC grew its stake in Owens Corning by 0.4% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 101,731 shares of the construction company’s stock valued at $6,808,000 after acquiring an additional 410 shares in the last quarter. Finally, Advisor Group Inc. grew its stake in Owens Corning by 4.9% during the 2nd quarter. Advisor Group Inc. now owns 9,009 shares of the construction company’s stock valued at $600,000 after acquiring an additional 418 shares in the last quarter. 94.55% of the stock is currently owned by institutional investors.
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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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