ValuEngine Downgrades Owens Corning (NYSE:OC) to Sell

Owens Corning (NYSE:OC) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, ValuEngine reports.

A number of other brokerages have also issued reports on OC. Barclays reaffirmed a “buy” rating and issued a $65.00 target price on shares of Owens Corning in a research report on Monday, July 1st. Nomura reaffirmed a “neutral” rating and issued a $48.00 target price (down from $70.00) on shares of Owens Corning in a research report on Thursday, May 16th. Bank of America raised Owens Corning from a “neutral” rating to a “buy” rating and upped their target price for the company from $58.00 to $72.00 in a research report on Thursday, June 27th. Zacks Investment Research lowered Owens Corning from a “hold” rating to a “sell” rating in a research report on Monday, April 29th. Finally, Stifel Nicolaus lowered Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 target price on the stock. in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $58.29.

NYSE OC traded down $0.28 on Thursday, reaching $56.11. The company had a trading volume of 979,357 shares, compared to its average volume of 1,306,196. The firm has a market capitalization of $6.10 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 1.51 and a beta of 1.27. Owens Corning has a 1 year low of $40.64 and a 1 year high of $62.42. The firm’s 50-day moving average is $55.22. The company has a quick ratio of 0.89, a current ratio of 1.69 and a debt-to-equity ratio of 0.80.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, July 24th. The construction company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.18. Owens Corning had a return on equity of 12.18% and a net margin of 7.21%. The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the prior year, the business earned $1.17 EPS. Owens Corning’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, analysts forecast that Owens Corning will post 4.68 earnings per share for the current fiscal year.

In other news, insider Gunner Smith sold 7,900 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.79, for a total value of $409,141.00. Following the completion of the transaction, the insider now owns 21,189 shares of the company’s stock, valued at $1,097,378.31. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael H. Thaman sold 30,000 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $51.49, for a total value of $1,544,700.00. Following the completion of the transaction, the insider now directly owns 856,240 shares of the company’s stock, valued at approximately $44,087,797.60. The disclosure for this sale can be found here. Insiders sold 40,338 shares of company stock worth $2,083,128 over the last ninety days. 1.70% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC bought a new position in Owens Corning during the first quarter valued at about $26,000. First Mercantile Trust Co. bought a new position in Owens Corning during the first quarter valued at about $33,000. Bremer Bank National Association bought a new position in Owens Corning during the first quarter valued at about $58,000. Meeder Asset Management Inc. bought a new position in Owens Corning during the first quarter valued at about $89,000. Finally, NEXT Financial Group Inc boosted its stake in Owens Corning by 105.1% during the second quarter. NEXT Financial Group Inc now owns 1,641 shares of the construction company’s stock valued at $96,000 after buying an additional 841 shares in the last quarter. 96.55% of the stock is owned by institutional investors.

Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial 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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Analyst Recommendations for Owens Corning (NYSE:OC)

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