Equities researchers at Bank of America Corp. initiated coverage on shares of Owens Corning (NYSE:OC) in a note issued to investors on Friday. The brokerage set a “neutral” rating and a $59.00 price target on the stock. Bank of America Corp.’s price objective indicates a potential upside of 10.32% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on the stock. Citigroup Inc. increased their price target on shares of Owens Corning from $41.00 to $43.00 and gave the stock a “sell” rating in a report on Friday, July 29th. Jefferies Group reissued a “buy” rating on shares of Owens Corning in a report on Wednesday, July 6th. Wedbush increased their price target on shares of Owens Corning from $52.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, July 6th. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Wednesday, June 29th. Finally, Royal Bank Of Canada increased their price target on shares of Owens Corning from $57.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. Owens Corning currently has an average rating of “Hold” and an average price target of $54.44.
Shares of Owens Corning (NYSE:OC) opened at 53.48 on Friday. The firm’s 50-day moving average is $53.56 and its 200-day moving average is $51.19. Owens Corning has a 12-month low of $38.95 and a 12-month high of $58.69. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 15.10 and a beta of 1.60.
Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.43. The firm earned $1.55 billion during the quarter, compared to analyst estimates of $1.46 billion. Owens Corning had a net margin of 7.52% and a return on equity of 10.57%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the business earned $0.76 earnings per share. On average, equities analysts predict that Owens Corning will post $3.45 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Thursday, October 13th. Owens Corning’s dividend payout ratio is 20.28%.
In related news, insider Arnaud Genis sold 66,619 shares of Owens Corning stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $54.68, for a total value of $3,642,726.92. Following the sale, the insider now owns 101,538 shares in the company, valued at $5,552,097.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Michael H. Thaman sold 150,000 shares of Owens Corning stock in a transaction on Monday, August 1st. The shares were sold at an average price of $53.19, for a total transaction of $7,978,500.00. Following the completion of the sale, the chairman now owns 835,189 shares in the company, valued at approximately $44,423,702.91. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Acrospire Investment Management LLC bought a new stake in Owens Corning during the first quarter valued at $109,000. Tower Research Capital LLC TRC bought a new stake in Owens Corning during the second quarter valued at $171,000. NN Investment Partners Holdings N.V. bought a new stake in Owens Corning during the first quarter valued at $179,000. Envestnet Asset Management Inc. boosted its stake in Owens Corning by 59.0% in the first quarter. Envestnet Asset Management Inc. now owns 3,804 shares of the company’s stock valued at $180,000 after buying an additional 1,412 shares during the period. Finally, Societe Generale bought a new stake in Owens Corning during the second quarter valued at $208,000.
Owens Corning Company Profile
Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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