Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales. “
OC has been the subject of a number of other research reports. Stifel Nicolaus boosted their price objective on Owens Corning from $55.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Citigroup Inc. upped their target price on Owens Corning from $41.00 to $43.00 and gave the stock a “sell” rating in a report on Friday, July 29th. MKM Partners reiterated a “sell” rating on shares of Owens Corning in a report on Thursday, July 28th. Goldman Sachs Group Inc. upgraded Owens Corning from a “sell” rating to a “neutral” rating and upped their target price for the stock from $51.00 to $58.00 in a report on Monday, July 11th. Finally, FBR & Co upped their target price on Owens Corning from $53.00 to $57.00 and gave the stock a “market perform” rating in a report on Friday, July 29th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. Owens Corning currently has an average rating of “Hold” and an average target price of $54.75.
Owens Corning (NYSE:OC) traded down 2.06% during midday trading on Wednesday, reaching $53.76. The company had a trading volume of 324,020 shares. The firm has a 50-day moving average of $53.48 and a 200 day moving average of $51.55. The company has a market capitalization of $6.17 billion, a P/E ratio of 15.18 and a beta of 1.41. Owens Corning has a 1-year low of $38.96 and a 1-year high of $58.69.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.43. Owens Corning had a return on equity of 10.57% and a net margin of 7.52%. The company earned $1.55 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the business earned $0.76 EPS. Owens Corning’s revenue was up 10.1% compared to the same quarter last year. On average, equities research analysts forecast that Owens Corning will post $3.45 EPS for the current year.
The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date is Thursday, October 13th. Owens Corning’s dividend payout ratio is presently 20.28%.
In other news, Chairman Michael H. Thaman sold 150,000 shares of the company’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $53.19, for a total value of $7,978,500.00. Following the sale, the chairman now owns 835,189 shares in the company, valued at $44,423,702.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Arnaud Genis sold 66,619 shares of the company’s stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total value of $3,642,726.92. Following the completion of the sale, the insider now owns 101,538 shares in the company, valued at approximately $5,552,097.84. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. Aperio Group LLC increased its stake in shares of Owens Corning by 5.6% in the first quarter. Aperio Group LLC now owns 104,114 shares of the company’s stock worth $4,923,000 after buying an additional 5,528 shares during the last quarter. Nisa Investment Advisors L.L.C. increased its stake in shares of Owens Corning by 3.7% in the first quarter. Nisa Investment Advisors L.L.C. now owns 5,600 shares of the company’s stock worth $265,000 after buying an additional 200 shares during the last quarter. Virginia Retirement System bought a new stake in shares of Owens Corning during the first quarter worth approximately $539,000. Teachers Advisors Inc. increased its stake in shares of Owens Corning by 62.9% in the first quarter. Teachers Advisors Inc. now owns 759,296 shares of the company’s stock worth $35,900,000 after buying an additional 293,113 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Owens Corning by 284.3% in the first quarter. BlackRock Inc. now owns 128,158 shares of the company’s stock worth $6,059,000 after buying an additional 94,806 shares during the last quarter.
About Owens Corning
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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