Zacks Investment Research lowered shares of Owens Corning (NYSE:OC) from a buy rating to a hold rating in a report issued on Saturday morning.
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. “
Several other equities analysts have also issued reports on the company. Evercore ISI assumed coverage on Owens Corning in a research note on Monday, November 14th. They issued a buy rating and a $60.00 price target on the stock. Jefferies Group reiterated a buy rating and issued a $60.00 price target (down previously from $63.00) on shares of Owens Corning in a research note on Friday, October 28th. Vertical Research upgraded Owens Corning from a hold rating to a buy rating in a research note on Thursday, October 27th. CL King lowered Owens Corning from a buy rating to a neutral rating in a research note on Thursday, October 27th. Finally, Vertical Group upgraded Owens Corning from a hold rating to a buy rating and set a $56.00 price target on the stock in a research note on Thursday, October 27th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $55.24.
Shares of Owens Corning (NYSE:OC) opened at 53.71 on Friday. The company has a market capitalization of $6.09 billion, a P/E ratio of 15.04 and a beta of 1.15. The firm has a 50 day moving average price of $50.75 and a 200 day moving average price of $52.06. Owens Corning has a one year low of $38.96 and a one year high of $58.69.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.10. Owens Corning had a return on equity of 10.77% and a net margin of 7.44%. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the company posted $0.96 EPS. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities research analysts predict that Owens Corning will post $3.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 2nd. Investors of record on Monday, October 17th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend was Thursday, October 13th. Owens Corning’s payout ratio is 20.17%.
In related 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 value of $3,642,726.92. Following the completion of the sale, the insider now directly owns 101,538 shares of the company’s stock, valued at approximately $5,552,097.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.00% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. ETRADE Capital Management LLC purchased a new stake in shares of Owens Corning during the third quarter worth approximately $328,000. Price T Rowe Associates Inc. MD raised its stake in shares of Owens Corning by 3.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 37,363 shares of the company’s stock worth $1,995,000 after buying an additional 1,100 shares during the last quarter. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Owens Corning by 14.0% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 380,703 shares of the company’s stock worth $20,325,000 after buying an additional 46,838 shares during the last quarter. Credit Suisse AG raised its stake in shares of Owens Corning by 19.9% in the third quarter. Credit Suisse AG now owns 108,047 shares of the company’s stock worth $5,768,000 after buying an additional 17,923 shares during the last quarter. Finally, PCJ Investment Counsel Ltd. raised its stake in shares of Owens Corning by 82.0% in the third quarter. PCJ Investment Counsel Ltd. now owns 45,500 shares of the company’s stock worth $2,429,000 after buying an additional 20,500 shares during the last quarter.
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.