Owens Corning (NYSE:OC) Coverage Initiated at Loop Capital

Loop Capital began coverage on shares of Owens Corning (NYSE:OC) in a report published on Monday, January 6th, Benzinga reports. The brokerage issued a buy rating and a $76.00 price target on the construction company’s stock.

A number of other equities analysts have also commented on OC. Exane BNP Paribas started coverage on Owens Corning in a research note on Wednesday, October 9th. They issued an outperform rating on the stock. Bank of America lowered Owens Corning from a buy rating to a neutral rating and set a $72.00 price objective on the stock. in a research note on Wednesday, December 4th. Citigroup began coverage on Owens Corning in a research note on Tuesday, December 17th. They issued a neutral rating and a $71.00 price objective on the stock. Wells Fargo & Co upgraded Owens Corning from a market perform rating to an outperform rating in a research report on Wednesday, November 27th. Finally, Goldman Sachs Group assumed coverage on Owens Corning in a research report on Friday, December 6th. They set a buy rating and a $80.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $67.15.

Shares of NYSE OC opened at $64.45 on Monday. The company has a market cap of $7.01 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.53 and a beta of 1.23. The company has a quick ratio of 0.87, a current ratio of 1.69 and a debt-to-equity ratio of 0.73. Owens Corning has a 12 month low of $44.46 and a 12 month high of $68.72. The business’s 50 day moving average is $65.39 and its two-hundred day moving average is $60.95.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, October 23rd. The construction company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.13. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Owens Corning had a return on equity of 12.14% and a net margin of 6.99%. Owens Corning’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.54 earnings per share. Sell-side analysts expect that Owens Corning will post 4.59 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Friday, January 3rd will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend is Thursday, January 2nd. This is an increase from Owens Corning’s previous quarterly dividend of $0.22. Owens Corning’s dividend payout ratio (DPR) is currently 19.43%.

In other Owens Corning news, VP Daniel T. Smith sold 7,969 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $64.72, for a total transaction of $515,753.68. Following the sale, the vice president now owns 65,353 shares of the company’s stock, valued at approximately $4,229,646.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Michael H. Thaman sold 50,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $62.00, for a total value of $3,100,000.00. Following the completion of the transaction, the chairman now directly owns 777,513 shares in the company, valued at approximately $48,205,806. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,834 shares of company stock worth $4,248,079. Company insiders own 1.70% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Quantamental Technologies LLC purchased a new stake in Owens Corning in the second quarter worth about $33,000. Private Capital Group LLC increased its stake in shares of Owens Corning by 95.8% during the second quarter. Private Capital Group LLC now owns 793 shares of the construction company’s stock valued at $50,000 after purchasing an additional 388 shares in the last quarter. Covington Capital Management bought a new stake in shares of Owens Corning during the third quarter valued at approximately $52,000. Penserra Capital Management LLC boosted its holdings in Owens Corning by 25.0% in the third quarter. Penserra Capital Management LLC now owns 980 shares of the construction company’s stock worth $61,000 after purchasing an additional 196 shares during the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in Owens Corning by 103.9% in the third quarter. Quadrant Capital Group LLC now owns 1,052 shares of the construction company’s stock worth $65,000 after purchasing an additional 536 shares during the last quarter. Institutional investors and hedge funds own 99.65% of the company’s stock.

About Owens Corning

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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