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

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

A number of other research analysts have also weighed in on OC. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Wells Fargo & Company raised their price objective on Owens Corning from $165.00 to $175.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Barclays reduced their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Royal Bank of Canada lifted their target price on Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and an average target price of $187.77.

Owens Corning Stock Up 0.9 %

Shares of NYSE:OC traded up $1.64 during trading on Thursday, hitting $185.07. The stock had a trading volume of 106,402 shares, compared to its average volume of 677,505. Owens Corning has a 12 month low of $110.96 and a 12 month high of $191.44. The company has a market capitalization of $16.09 billion, a PE ratio of 15.53, a PEG ratio of 2.24 and a beta of 1.41. The firm’s fifty day moving average is $172.02 and its 200 day moving average is $172.27. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC) last announced its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the prior year, the company earned $4.22 EPS. The business’s revenue was up 8.8% compared to the same quarter last year. Analysts anticipate that Owens Corning will post 15.34 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s dividend payout ratio is presently 20.32%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the business’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 completion of the sale, the insider now 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the sale, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s 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 transaction, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Owens Corning

Several large investors have recently made changes to their positions in OC. Nordea Investment Management AB lifted its position in shares of Owens Corning by 74.4% in the first quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after acquiring an additional 533,910 shares in the last quarter. Point72 Asset Management L.P. lifted its position 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 worth $128,772,000 after buying an additional 464,981 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Owens Corning by 38.9% in the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after buying an additional 446,073 shares in the last quarter. Panagora Asset Management Inc. lifted its position in shares of Owens Corning by 2,813.6% in the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after buying an additional 365,853 shares in the last quarter. Finally, Swedbank AB purchased a new stake in shares of Owens Corning in the first quarter worth about $60,424,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

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.