StockNews.com Upgrades Owens Corning (NYSE:OC) to Buy

Owens Corning (NYSE:OC) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Saturday.

OC has been the topic of several other research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $187.00 target price on shares of Owens Corning in a report on Monday, June 17th. Barclays decreased their price target on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Evercore ISI lowered their target price on Owens Corning from $188.00 to $175.00 and set an “in-line” rating on the stock in a research note on Wednesday, August 7th. UBS Group raised their price objective on shares of Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Loop Capital boosted their target price on shares of Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $184.23.

Owens Corning Stock Performance

NYSE OC opened at $157.15 on Friday. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $13.62 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 3.35 and a beta of 1.41. The stock has a 50-day moving average of $168.14 and a 200 day moving average of $168.45. Owens Corning has a twelve month low of $109.95 and a twelve month high of $191.13.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period in the prior year, the business earned $4.22 earnings per share. The business’s revenue was up 8.8% compared to the same quarter last year. Sell-side analysts anticipate that Owens Corning will post 15.38 EPS for the current fiscal year.

Insider Activity

In related news, CFO Todd W. Fister sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $173.65, for a total transaction of $520,950.00. Following the transaction, the chief financial officer now owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Todd W. Fister sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the sale, the chief financial officer now owns 31,626 shares in the company, valued at $5,491,854.90. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Mari Doerfler sold 240 shares of Owens Corning stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total value of $43,692.00. Following the sale, the vice president now directly owns 4,954 shares in the company, valued at $901,875.70. The disclosure for this sale can be found here. Insiders sold 6,240 shares of company stock worth $1,107,192 over the last quarter. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of OC. MV Capital Management Inc. increased its holdings in Owens Corning by 112.9% in the first quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock valued at $25,000 after purchasing an additional 79 shares during the last quarter. ST Germain D J Co. Inc. increased its position in shares of Owens Corning by 794.1% during the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after purchasing an additional 135 shares during the last quarter. NBC Securities Inc. bought a new stake in Owens Corning during the first quarter worth $26,000. Riverview Trust Co acquired a new stake in Owens Corning in the 1st quarter valued at about $28,000. Finally, ORG Partners LLC bought a new stake in Owens Corning in the 1st quarter valued at $31,000. 88.40% of the stock is owned by institutional investors and hedge funds.

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.