An issue of Owens Corning (NYSE:OC) bonds rose 0.6% as a percentage of their face value during trading on Monday. The debt issue has a 4.3% coupon and is set to mature on July 15, 2047. The bonds in the issue are now trading at $81.76 and were trading at $82.51 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
OC has been the topic of a number of research analyst reports. Zelman & Associates raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, June 19th. Nomura raised shares of Owens Corning from a “neutral” rating to a “buy” rating and set a $93.00 price objective on the stock in a research report on Tuesday, May 1st. Stifel Nicolaus lowered their price objective on shares of Owens Corning from $105.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, April 26th. Barclays lowered their price objective on shares of Owens Corning from $93.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 26th. Finally, Zacks Investment Research downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Wednesday, March 21st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the stock. Owens Corning currently has an average rating of “Hold” and an average price target of $87.90.
OC stock traded down $0.40 during trading hours on Wednesday, hitting $64.74. The company’s stock had a trading volume of 24,579 shares, compared to its average volume of 2,428,522. The company has a quick ratio of 0.93, a current ratio of 1.61 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of 14.70, a P/E/G ratio of 0.67 and a beta of 1.08. Owens Corning has a 12 month low of $61.00 and a 12 month high of $96.52.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, April 25th. The construction company reported $0.80 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.16). Owens Corning had a return on equity of 11.95% and a net margin of 4.24%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the prior year, the firm earned $0.85 earnings per share. The business’s revenue was up 14.4% on a year-over-year basis. research analysts expect that Owens Corning will post 5.54 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 2nd. Stockholders of record on Tuesday, July 17th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date is Monday, July 16th. Owens Corning’s payout ratio is 19.09%.
Institutional investors have recently modified their holdings of the company. Balter Liquid Alternatives LLC acquired a new stake in shares of Owens Corning in the first quarter worth $162,000. Focused Wealth Management Inc acquired a new position in Owens Corning during the 4th quarter valued at $175,000. Avestar Capital LLC acquired a new position in Owens Corning during the 4th quarter valued at $176,000. American International Group Inc. acquired a new position in Owens Corning during the 4th quarter valued at $213,000. Finally, Element Capital Management LLC acquired a new position in Owens Corning during the 1st quarter valued at $237,000. Institutional investors and hedge funds own 92.16% of the company’s stock.
Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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