Owens Corning (NYSE:OC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage presently has a $59.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 11.47% from the company’s previous close.
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. “
A number of other analysts also recently commented on OC. Vertical Group upgraded shares of Owens Corning from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a report on Thursday, October 27th. Jefferies Group reiterated a “buy” rating and issued a $60.00 target price (down from $63.00) on shares of Owens Corning in a report on Friday, October 28th. FBR & Co boosted their target price on shares of Owens Corning from $53.00 to $57.00 and gave the stock a “market perform” rating in a report on Friday, July 29th. Credit Suisse Group AG started coverage on shares of Owens Corning in a report on Thursday, August 11th. They issued an “underperform” rating and a $51.00 target price on the stock. Finally, Stifel Nicolaus boosted their target price on shares of Owens Corning from $55.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. Owens Corning currently has a consensus rating of “Hold” and an average target price of $55.24.
Shares of Owens Corning (NYSE:OC) traded up 1.36% during trading on Friday, hitting $53.65. 118,414 shares of the company’s stock were exchanged. The firm has a market capitalization of $6.08 billion, a PE ratio of 15.02 and a beta of 1.15. The stock’s 50 day moving average is $50.86 and its 200 day moving average is $52.02. Owens Corning has a 1-year low of $38.96 and a 1-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 for the quarter, topping analysts’ consensus estimates of $0.99 by $0.10. The company earned $1.52 billion during the quarter, compared to analyst estimates of $1.32 billion. Owens Corning had a net margin of 7.44% and a return on equity of 10.77%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.96 EPS. On average, equities research analysts forecast that Owens Corning will post $3.51 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 2nd. Investors of record on Monday, October 17th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.36%. The ex-dividend date of this dividend was Thursday, October 13th. Owens Corning’s dividend payout ratio is currently 20.17%.
In related news, insider Arnaud Genis sold 66,619 shares of the company’s stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $54.68, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.00% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Acrospire Investment Management LLC increased its stake in shares of Owens Corning by 100.0% in the third quarter. Acrospire Investment Management LLC now owns 2,200 shares of the company’s stock worth $117,000 after buying an additional 1,100 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Owens Corning during the second quarter worth about $171,000. The Manufacturers Life Insurance Company acquired a new position in shares of Owens Corning during the third quarter worth about $171,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Owens Corning during the third quarter worth about $197,000. Finally, CIBC Asset Management Inc acquired a new position in shares of Owens Corning during the third quarter worth about $200,000.
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.