Owens Corning (NYSE:OC) Lifted to “Buy” at StockNews.com

StockNews.com upgraded shares of Owens Corning (NYSE:OC) from a hold rating to a buy rating in a report published on Thursday.

A number of other analysts also recently weighed in on the company. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and upped their target price for the company from $178.00 to $191.00 in a research report on Thursday, July 11th. Royal Bank of Canada upped their target price on Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Barclays cut their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Finally, Evercore ISI upped their target price on Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a research report on Wednesday, October 16th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $187.77.

Owens Corning Stock Performance

OC opened at $181.90 on Thursday. The business has a fifty day simple moving average of $172.47 and a 200 day simple moving average of $172.41. The company has a market capitalization of $15.76 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 2.24 and a beta of 1.41. Owens Corning has a 1 year low of $110.96 and a 1 year high of $191.44. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37 and a quick ratio of 0.79.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.37 by $0.27. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $4.22 EPS. Research analysts expect that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.32%. Owens Corning’s payout ratio is presently 19.43%.

Insiders Place Their Bets

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares of the company’s stock, valued at $10,222,100. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares of the company’s stock, valued at $10,222,100. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Owens Corning

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Integrated Advisors Network LLC acquired a new stake in shares of Owens Corning in the third quarter valued at about $240,000. abrdn plc increased its stake in shares of Owens Corning by 2.8% in the third quarter. abrdn plc now owns 348,850 shares of the construction company’s stock valued at $61,579,000 after buying an additional 9,496 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Owens Corning by 132.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 11,893 shares of the construction company’s stock valued at $2,099,000 after purchasing an additional 6,778 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Owens Corning by 1.7% during the 3rd quarter. State of Alaska Department of Revenue now owns 40,689 shares of the construction company’s stock valued at $7,181,000 after purchasing an additional 685 shares in the last quarter. Finally, First Bank & Trust boosted its position in shares of Owens Corning by 2.0% during the 3rd quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock valued at $646,000 after purchasing an additional 73 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.