Several other equities analysts have also recently weighed in on the stock. Citigroup Inc. raised their target price on shares of Owens Corning from $41.00 to $43.00 and gave the company a sell rating in a research note on Friday, July 29th. Jefferies Group reissued a buy rating on shares of Owens Corning in a research note on Wednesday, July 6th. Wedbush raised their target price on shares of Owens Corning from $52.00 to $58.00 and gave the company a neutral rating in a research note 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 objective for the company in a research report on Wednesday, June 29th. Finally, Bank of America Corp. initiated coverage on shares of Owens Corning in a research report on Friday, September 23rd. They set a neutral rating and a $59.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $54.75.
Shares of Owens Corning (NYSE:OC) opened at 52.84 on Thursday. The company’s 50 day moving average is $53.45 and its 200-day moving average is $51.47. Owens Corning has a 12 month low of $38.96 and a 12 month high of $58.69. The firm has a market cap of $6.06 billion, a PE ratio of 14.92 and a beta of 1.41.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.43. Owens Corning had a net margin of 7.52% and a return on equity of 10.57%. The business earned $1.55 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the business earned $0.76 earnings per share. The firm’s revenue was up 10.1% on a year-over-year basis. Equities research analysts predict that Owens Corning will post $3.45 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Investors of record on Monday, October 17th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Thursday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 20.28%.
In other Owens Corning news, insider Arnaud Genis sold 66,619 shares of the business’s stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total transaction of $3,642,726.92. Following the completion of the transaction, the insider now owns 101,538 shares of the company’s stock, valued at $5,552,097.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Kelly Schmidt sold 13,200 shares of the business’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $54.41, for a total value of $718,212.00. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of OC. Fisher Asset Management LLC increased its position in shares of Owens Corning by 8.6% in the second quarter. Fisher Asset Management LLC now owns 374,744 shares of the company’s stock valued at $20,251,000 after buying an additional 29,697 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Owens Corning during the second quarter valued at approximately $33,777,000. Geode Capital Management LLC increased its position in shares of Owens Corning by 19.4% in the first quarter. Geode Capital Management LLC now owns 820,853 shares of the company’s stock valued at $38,809,000 after buying an additional 133,178 shares during the last quarter. LSV Asset Management acquired a new position in shares of Owens Corning during the second quarter valued at approximately $2,766,000. Finally, UBS Group AG increased its position in shares of Owens Corning by 12.3% in the first quarter. UBS Group AG now owns 41,231 shares of the company’s stock valued at $1,949,000 after buying an additional 4,525 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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