Owens Corning (NYSE:OC) Upgraded by StockNews.com to “Buy” Rating

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

A number of other analysts also recently issued reports on the company. Barclays cut their price objective 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. UBS Group boosted their price target on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Evercore ISI boosted their target price on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday. Finally, Royal Bank of Canada upped their price target on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Owens Corning has an average rating of “Moderate Buy” and an average price target of $192.62.

Owens Corning Price Performance

OC stock traded up $3.02 during mid-day trading on Friday, reaching $190.44. 796,320 shares of the company’s stock were exchanged, compared to its average volume of 697,772. The company has a market cap of $16.56 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 2.27 and a beta of 1.41. Owens Corning has a 12-month low of $121.08 and a 12-month high of $193.93. The stock’s 50 day moving average is $175.83 and its 200 day moving average is $173.68. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.79.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.33. The company had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the business posted $4.15 EPS. On average, research analysts expect that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.26%. Owens Corning’s dividend payout ratio is currently 20.43%.

Insider Activity at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were 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 in the company, valued at $10,222,100. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its holdings in shares of Owens Corning by 168.3% in the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after acquiring an additional 464,981 shares during the period. Pacer Advisors Inc. boosted its stake in Owens Corning by 38.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after purchasing an additional 446,073 shares during the period. Panagora Asset Management Inc. boosted its stake in Owens Corning by 2,813.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after purchasing an additional 365,853 shares during the period. Swedbank AB purchased a new position in Owens Corning during the 1st quarter worth $60,424,000. Finally, Kimelman & Baird LLC acquired a new position in Owens Corning in the second quarter valued at $35,970,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Company Profile

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.