Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Saturday.
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 brokerages have also commented on OC. Vertical Research upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 27th. CL King lowered shares of Owens Corning from a “buy” rating to a “neutral” rating in a report on Thursday, October 27th. Evercore ISI started coverage on shares of Owens Corning in a research report on Monday, November 14th. They issued a “buy” rating and a $60.00 target price on the stock. Wells Fargo & Co. started coverage on shares of Owens Corning in a research report on Thursday, September 29th. They issued a “market perform” rating on the stock. Finally, Bank of America Corp. started coverage on shares of Owens Corning in a research report on Friday, September 23rd. They issued a “neutral” rating and a $59.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $55.24.
Shares of Owens Corning (NYSE:OC) opened at 53.71 on Friday. The firm has a 50-day moving average of $50.75 and a 200 day moving average of $52.06. Owens Corning has a 12 month low of $38.96 and a 12 month high of $58.69. The company has a market cap of $6.09 billion, a price-to-earnings ratio of 15.04 and a beta of 1.15.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, October 26th. The company reported $1.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.10. Owens Corning had a net margin of 7.44% and a return on equity of 10.77%. The business earned $1.52 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the business earned $0.96 EPS. The company’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts expect that Owens Corning will post $3.51 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Thursday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 20.17%.
In other news, insider Arnaud Genis sold 66,619 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 101,538 shares in the company, valued at approximately $5,552,097.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.00% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the company. Iridian Asset Management LLC CT purchased a new stake in Owens Corning during the second quarter worth approximately $242,405,000. Massachusetts Financial Services Co. MA boosted its stake in Owens Corning by 52.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,524,491 shares of the company’s stock worth $284,622,000 after buying an additional 1,889,672 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in Owens Corning during the second quarter worth approximately $90,573,000. Victory Capital Management Inc. boosted its stake in Owens Corning by 58.9% in the second quarter. Victory Capital Management Inc. now owns 2,390,203 shares of the company’s stock worth $123,142,000 after buying an additional 886,409 shares during the last quarter. Finally, First Eagle Investment Management LLC purchased a new stake in Owens Corning during the second quarter worth approximately $34,931,000.
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.