Owens Corning (NYSE:OC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued 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. “
A number of other equities analysts have also commented on OC. FBR & Co boosted their price objective 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. Citigroup Inc. boosted their price objective on shares of Owens Corning from $41.00 to $43.00 and gave the stock a “sell” 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 price objective on the stock. Bank of America Corp. started coverage on shares of Owens Corning in a report on Friday, September 23rd. They issued a “neutral” rating and a $59.00 price objective on the stock. Finally, Wells Fargo & Co. started coverage on shares of Owens Corning in a report on Thursday, September 29th. They issued a “market perform” rating on the stock. Three research 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 company currently has a consensus rating of “Hold” and an average price target of $55.24.
Owens Corning (NYSE:OC) opened at 53.71 on Friday. Owens Corning has a 12-month low of $38.96 and a 12-month high of $58.69. The company’s 50 day moving average price is $50.75 and its 200-day moving average price is $52.06. The stock 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 analysts’ consensus estimates of $0.99 by $0.10. Owens Corning had a net margin of 7.44% and a return on equity of 10.77%. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the business posted $0.96 EPS. The firm’s revenue was up 4.0% compared to the same quarter last year. On average, analysts forecast that Owens Corning will post $3.51 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.34%. The ex-dividend date of this dividend was Thursday, October 13th. Owens Corning’s dividend payout ratio (DPR) is 20.17%.
In other Owens Corning news, insider Arnaud Genis sold 66,619 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now owns 101,538 shares in the company, valued at approximately $5,552,097.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.00% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of OC. Iridian Asset Management LLC CT bought a new stake in shares of Owens Corning during the second quarter worth $242,405,000. Massachusetts Financial Services Co. MA raised its stake in shares of 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 in the last quarter. Emerald Acquisition Ltd. bought a new stake in shares of Owens Corning during the second quarter worth $90,573,000. Victory Capital Management Inc. raised its stake in shares of 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 in the last quarter. Finally, First Eagle Investment Management LLC bought a new stake in shares of Owens Corning during the second quarter worth $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.